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QUESTION
J sold her qualifying personal residence for $275,000. She incurred selling expenses of $6,000 and "fixup expenses" of $3,000. J's adjusted basis in...
9. J sold her qualifying personal residence for $275,000. She incurred selling expenses of $6,000 and "fixup expenses" of $3,000. J's adjusted basis in her residence was $137,000. What are the amounts of J's gain realized and gain recognized, respectively?
