Question: Sims, a single taxpayer, bought her home in La Jolla 25 years ago for $45,000. She lived continuously in the home since she purhcased it.

Sims, a single taxpayer, bought her home in La Jolla 25 years ago for $45,000. She lived continuously in the home since she purhcased it. In December, 2016 she sells her home for $405,000. What is Sims's taxable gain on the sale?

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