SEE-1 - Income and Assets - Section 2.2

Calculate gain or loss on property dispositions including basis determination, short- versus long-term capital gains, and the personal residence exclusion.

Calculate adjusted basis, realised gain or loss, and the holding period for property dispositions, applying the preferential long-term capital gains rates once an asset has been held more than one year. Apply the Section 121 exclusion of up to $250,000 ($500,000 married filing jointly) on a principal residence, and identify the ownership and use tests.

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