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CCH Federal Taxation Basic Principles Chapter 11 Property Transactions: Nonrecognition of Gains and ... - page 27 / 66

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CCH Federal Taxation Basic Principles

27 of  66

Example.  

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

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