1) The claim of right doctrine requires that a taxpayer not recognize income until it is certain that the taxpayer will not be required to repay the income.

True or false

2) Pedro is a single taxpayer. On 30 April of 2019, Pedro sold his home for $799,000 and paid $47,000 in selling expenses. Pedro acquired the home in January of 2014 for $492,000 and has used it as his primary residence since 15 January 2017. Determine the amount of gain that Pedro must include in income as a result of this sale.

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