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Gene, who is single, purchased a house 18 months ago for $350,000. If Gene sells his house due to unforeseen circumstances for $550,000 after living

Gene, who is single, purchased a house 18 months ago for $350,000. If Gene sells his house due to unforeseen circumstances for $550,000 after living in it for a full 18 months, what is his taxable gain?

a. $0

b. $12,500

c. $50,000

d. $200,000

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