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11. Jimmy, a single person, sold his home this year. He had owned and lived in the house for 12 years. Jimmy signed a contract
11. Jimmy, a single person, sold his home this year. He had owned and lived in the house for 12 years. Jimmy signed a contract on April 10 to sell his home and closed the sale on May 16.
Sales price | $256,000 |
Selling expenses paid by Frank | 17,500 |
Replaced a broken window on May 2 | 150 |
Basis of old home before repairs and improvements | 165,000 |
Based on these facts, what is the amount of his recognized gain?
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