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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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