How much gain would he have to pay tax on

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Tom and Mary Taylor acquired their personal residence 20 years ago for $150,000. Tom furnished all the consideration for the property. Assume Mary dies this year when the house is worth $310,000. How much of the value of the house is included in her gross estate for federal tax purposes. Two years after Mary’s death, Tom sold the property. Assuming the house was worth $320,000 when he sold it, how much gain would he have to pay tax on?

Reference no: EM131338153

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How much gain would he have to pay tax on : Tom and Mary Taylor acquired their personal residence 20 years ago for $150,000. Tom furnished all the consideration for the property. Assume Mary dies this year when the house is worth $310,000. how much gain would he have to pay tax on?

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