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DrAnd MrsSpankle Purchased a Residence on January 12,2012,for $250,000

Question 42

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Dr.and Mrs.Spankle purchased a residence on January 12,2012,for $250,000.On May 15,2016,they sold the residence for $360,000,and paid selling expenses of $18,000.They purchased a new home for $354,000.Determine the Spankles' realized and recognized gain.

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$92,000 re...

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