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44. Justin, who is single, sells his principal residence that he has owned and occupied for the past ve years. His adjusted basis for the
44. Justin, who is single, sells his principal residence that he has owned and occupied for the past ve years. His adjusted basis for the residence is $90,000. He incurred selling expenses of $10,000. How much gain must Justin recognize if sells the residence for $390,000? a. 0 b. $40,000 c. $50,000 d. $290,000 e. $300,000
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