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Janine Welch inherited a house from her father. Her fathers basis in the house was $550,000, and the fair market value at the date of

Janine Welch inherited a house from her father. Her fathers basis in the house was $550,000, and the fair market value at the date of her fathers death was $875,000. Her fathers taxable estate was only $2.4 million, so the estate did not owe any federal estate tax. This year, Janine sold the house for $1,125,000. Compute her gain or loss recognized on sale.

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