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Oscar, a single taxpayer, sells his residence of the last 10 years in January of 2020 for $190,000. Oscars basis

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Oscar, a single taxpayer, sells his residence of the last 10 years in January of 2020 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 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: 10
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Question Posted: September 24, 2023 05:06:26
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