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Katie is single and has lived in the same house since 2008. From 2008 until 2012 she rented the house. Then on July 2, 2012

Katie is single and has lived in the same house since 2008. From 2008 until 2012 she rented the house. Then on July 2, 2012 she purchased the house from her landlord for $350,000. On August 22, 2013 she sold the house for $450,000. How much of a gain must she recognize on her 2012 income tax return due to this sale '?

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