Jim, a single taxpayer, bought his home 25 years ago for $25,000. He has lived in the

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Jim, a single taxpayer, bought his home 25 years ago for $25,000. He has lived in the home continuously since he purchased it. In 2022, 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

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Income Tax Fundamentals 2023

ISBN: 9780357719527

41st Edition

Authors: Gerald E. Whittenburg, Steven Gill

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Question Posted: Feb 28, 2023 05:27 AM

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Jim, a single taxpayer, bought his home 25 years ago for $25,000. He has lived in the

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Income Tax Fundamentals 2023

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