How much of the gain is cameron allowed, Accounting Basics

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How much of the gain is cameron allowed

Cameron (single) purchased and moved into his principal residence on July 1, 2011. On June 1, 2012, Cameron lost his job. Because he couldn't afford the payments on his new home, he sold it on July 1, 2012 in order to move into some apartments across the street. On the sale of his principal residence, Cameron realized a $50,000 gain. How much of the gain is Cameron allowed to exclude from his 2012 gross income?

A. $0

B. $2,500

C. $25,000

D. $50,000

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Accounting Basics: How much of the gain is cameron allowed

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Accounting Basics: How much of the gain is cameron allowed

Reference No:- TGS057969

Recent Questions Asked Accounting Basics

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