Principal residence and avoidance of being taxed on the gain, Accounting Basics

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Principal residence and avoidance of being taxed on the gain

Joel's main home is destroyed in a tornado in a federally declared a disaster area. The insurance company compensates Joel for his loss in 2013, which produces a $350,000 realized gain. How long does Joel have to purchase a new principal residence and avoid being taxed on the gain?

a. December 31, 2013

b. December 31, 2014

c. December 31, 2015

d. December 31, 2016

e. December 31, 2017

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Accounting Basics: Principal residence and avoidance of being taxed on the gain

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Accounting Basics: Principal residence and avoidance of being taxed on the gain

Reference No:- TGS038915

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Principal residence and avoidance of being taxed on the gain

Reference No:- TGS038915

Recent Questions Asked Accounting Basics

Q : Major profit and solvency issues

Q : Will average expected rates of return rise of fall

Q : Shareholders as a result of distributions

Q : Explain how might credibly implement strategy

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