Examlex
Make an appropriate substitution and solve the equation.
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Contract Price
The total amount agreed upon in a contract for the sale of goods, services, or property.
Involuntary Conversion
The forced exchange of an asset into a different form or property, often due to theft, casualty or condemnation, with potential tax implications.
Deferred Gain
A profit from the sale of property or an investment that has been realized but not recognized for tax purposes in the current period.
IRC Section 121
A provision in the Internal Revenue Code that allows homeowners to exclude up to $250,000 ($500,000 if married filing jointly) of capital gains on the sale of their primary residence, subject to certain conditions.
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