Essay
Dawn sold her personal residence to Kevin in 2010 for $300,000.Before the sale,Dawn paid the real estate taxes of $8,030 for the calendar year.For income tax purposes,the deduction is apportioned as follows: $4,400 to Dawn and $3,630 to Kevin.
a.What is Kevin's basis in the residence?
b.What is Dawn's amount realized for the sale of the residence?
c.How much of the real estate taxes can Kevin deduct?
d.How much of the real estate taxes can Dawn deduct?
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