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Kevin purchased a house 20 years ago for $100,000 and he has always lived in the house. Three years ago

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Kevin purchased a house 20 years ago for $100,000 and he has always lived in the house. Three years ago Kevin married Karen, and she has lived in the house since their marriage. If they sell Kevin’s house in December 2020 for $425,000, what is their taxable gain on a joint tax return?
a. $0
b. $75,000
c. $125,000
d. $250,000

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Income Tax Fundamentals 2021

Income Tax Fundamentals 2021

ISBN: 9780357141366

39th Edition

Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill

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Question Details
Chapter # 4- Additional Income and the Qualified Business Income Deduction
Section: Multiple Choice
Problem: 13
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Question Posted: September 24, 2023 05:05:50
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