What is their recognized gain from the sale assuming

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Reference no: EM133608049

Question: Albert and Evelyn, both 35 years old and married, sell their personal residence in the current year for $655,000. They have both owned and lived in the house for seven years and their tax basis is $150,000. What is their recognized gain from the sale assuming they seek to legally minimize their reported taxable income?

Reference no: EM133608049

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