Susan, a single taxpayer, bought her home 25 years ago for $30,000. She has lived in the home continuously since

Question:

Susan, a single taxpayer, bought her home 25 years ago for $30,000. She has lived in the home continuously since she purchased it. In 2016, she sells her home for $200,000. What is Susan’s taxable gain on the sale?

a. $0
b. $20,000
c. $250,000
d. $270,000

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Related Book For  answer-question

Income Tax Fundamentals 2017

ISBN: 9781305872738

35th Edition

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

Question Details
Chapter # 8
Section: Multiple Choice Questions
Problem: 20
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Question Posted: August 28, 2023 06:41:19