In 2014, the Basis of a Taxpayer's Replacement Residence Is

question 66

True/False

In 2014, 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:

Collateral Agreements

Legal contracts where a borrower pledges an asset as security for a loan, which the lender can claim if the loan is not repaid.