Essay
Louis,who is single,sold his house in St.Louis at a gain of $240,000 on June 8,2017.He properly excluded the gain.He took another job in Memphis.He purchased a new home in Memphis for $225,000 on August 5,2017.Louis was transferred by his employer to New Orleans.Louis sold his Memphis house at a $36,000 gain on October 15,2017.What is Louis's recognized gain on the Memphis house?
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$11,685 recognized gain.
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