Given the following tax structure, what is the minimum tax that would need to be assessed on Dora to make the tax progressive with respect to average tax rates? What is the minimum tax that would need to be assessed on Dora to make the tax progressive with respect to effective tax rates?
Definitions:
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.
Receipt of Boot
Tax term referring to non-like-kind property or cash received in an exchange, which may trigger taxable gain.
Like-kind Exchange
A tax-deferred exchange of similar properties under section 1031 of the U.S. Tax Code.
Installment Method
A tax method allowing income recognition from sales or transfers of property over time as the seller receives payments.
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