Susan, a single taxpayer, bought her home 25 years ago for $30,000. She has lived in the

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Susan, a single taxpayer, bought her home 25 years ago for $30,000. She has lived in the home continuously since she purchased it. In 2020, she sells her home for $200,000. What is Susan’s taxable gain on the sale?
a. $0
b. $20,000
c. $250,000
d. $170,000

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Income Tax Fundamentals 2021

ISBN: 9780357141366

39th Edition

Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill

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