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Jack purchases a house for $90,000 and spends $15,000 to renovate it. He holds the house for 35 years and then sells it in the

Jack purchases a house for $90,000 and spends $15,000 to renovate it. He holds the house for 35 years and then sells it in the middle of a real estate bubble for $400,000. How much of that amount does he have to pay taxes?

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