bengallegos6148 bengallegos6148

23-12-2022
Business

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francisco was transferred from phoenix to atlanta. he sold his phoenix residence (adjusted basis of $250,000) for a realized loss of $50,000 and purchased a new residence in atlanta for $375,000. francisco had owned and lived in the phoenix residence for six years. what is his recognized gain or loss on the sale of the phoenix residence and his basis for the residence in atlanta?

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