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Augustus1 Augustus1
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8 years ago
Pierce, a single person age 60, sold his home this year. He had lived in the house for 10 years. He signed a contract on March 4 to sell his home.
Sales price   $600,000
Selling expenses   15,000
Replaced and paid for a broken window on March 2   800
Basis of old home before repairs and improvements   310,000

Based on these facts, what is the amount of his recognized (not realized) gain?
A) $-0-
B) $25,000
C) $40,000
D) $275,000
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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Augustus1 Author
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8 years ago
I'm forever indebted to you!

THANKS
We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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