17. Jim, a single taxpayer, bought his home 20 years ago for $25,000. He has lived in...

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17. 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 2010, he sells his home for $200,000.

What is Jim’s taxable gain on the sale?

a. $0

b. $50,000

c. $125,000

d. $175,000 LO 8.6

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