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What is Jim taxable gain on the sale

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Reference no: EM132674664

Problem - Jim, a single taxpayer, bought his home 20 years ago for $25,000. He has lived in the home continuously since he purchased it. In 2019, he sells his home for $300,000. What is Jim's taxable gain on the sale?

a. $0

b. $25,000

c. $125,000

d. $275,000

Reference no: EM132674664

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