Questions from Federal Taxation

Q: The city of Stillcreek decides to expand the runway at the local

The city of Stillcreek decides to expand the runway at the local airport. To get the land for the expansion, it condemns the property it needs and pays the owners the current appraised value. Buster...

Q: On July 8, 2015, Joe and Jill sell their principal

On July 8, 2015, Joe and Jill sell their principal residence for $650,000. Their adjusted basis in the property is $275,000. To complete the sale, Joe and Jill have to take back a second mortgage fo...