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

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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 2019, 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. $170,000

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Income Tax Fundamentals 2020

ISBN: 9780357108239

38th Edition

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

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Question Posted: Aug 24, 2020 08:56 AM

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

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Income Tax Fundamentals 2020

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