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The Smiths owned and occupied their principal residence,with an adjusted basis of $250,000,for ten years.The house is destroyed by a tornado and the Smiths receive insurance proceeds of $800,000.Six months later,they purchase another residence for $850,000.
a.What is the amount of gain the Smiths must recognize?
b.What is the basis of the new residence?
WTO
Short for World Trade Organization, an international body aimed at promoting and facilitating free trade by reducing tariffs and other trade barriers.
Tariff
A tax or duty to be paid on a particular class of imports or exports, used by governments to regulate trade.
Normal Trade Relations
A GATT principle of trade law which requires that WTO member states treat like goods coming from other member states on an equal basis.
GATT
General Agreement on Tariffs and Trade, a multilateral treaty aimed at reducing global barriers to trade and promoting international commerce.
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