In 2013,the Basis of a Taxpayer's Replacement Residence Is Equal

question 97

True/False

In 2013,the basis of a taxpayer's replacement residence is equal to the cost of the replacement residence less the gain which was deferred on the sale of the old residence.

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Definitions:

Revenue

The income generated from normal business operations, calculated as the total sales of goods or services.

Net Income

The total earnings of a company after deducting all expenses, taxes, and costs from its total revenue, indicating the financial health of a company.