CCH Federal Taxation Basic Principles
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On January 1, 20x1, Burke purchases a townhouse in Boston for $450,000. Later in the year, he accepts an offer of employment in Atlanta. On November 1, 20x1, he sells his townhouse at a $30,000 gain. His change in place of employment enables him to claim a portion of the $250,000 exclusion. Because he owned and occupied the townhouse for 10 months, his available exclusion is $104,167 ($250,000 x 10 24) and he recognizes no gain.
Sale of Home Due to Unforeseen Circumstances
Chapter 11, Exhibit 7c