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Len received his parents home in a will after they passed away. The house originally cost them $25,000 and was worth $275,000 at the time
Len received his parents home in a will after they passed away. The house originally cost them $25,000 and was worth $275,000 at the time of death. Wayne lived in the home for 11 years and then sold it for $580,000. What was his basis for cost purposes and what was his taxable gain?
Multiple Choice
$275,000 and $305,000.
$25,000 and none.
$275,000 and $250,000.
$25,000 and $580,000.
$275,000 and $55,000.
None of the above.
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