Oscar, a single taxpayer, sells his residence of the last 10 years in January of 2018 for

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Oscar, a single taxpayer, sells his residence of the last 10 years in January of 2018 for $190,000. Oscar’s basis in the residence is $45,000, and his selling expenses are $11,000. If Oscar does not buy a new residence, what is the taxable gain on the sale of his residence? 

a. $145,000 

b. $134,000 

c. $45,000 

d. $9,000 

e. $0

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Income Tax Fundamentals 2019

ISBN: 9781337703062

37th Edition

Authors: Gerald E. Whittenburg, Steven Gill

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