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Bill, who is single, sells his personal residence to move from Atlanta to Chicago due to being transferred by his employer. He has owned and

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Bill, who is single, sells his personal residence to move from Atlanta to Chicago due to being transferred by his employer. He has owned and used the house for 18 months. The sale price is $460,000, selling expenses are $25,000 and his adjustable taxable basis is $180,000. What, if any, is Bill's taxable gain? $0. $280,000. $255,000 $67, 500

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