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A married couple (filing jointly) bought an antique armoire at an estate sale, then sold it 6 months later for twice what they paid for
A married couple (filing jointly) bought an antique armoire at an estate sale, then sold it 6 months later for twice what they paid for it. If their federal taxable income is $80,000 and they paid $750 in taxes on this transaction, how much did they pay for the armoire? Assume capital gains are taxed at a rate of 15%
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