Question
Mr. and Mrs. Axelson sold their main home in January 2019 for $325,000. Selling expenses were $20,000. The Axelsons purchased the house 30 years ago
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Mr. and Mrs. Axelson sold their main home in January 2019 for $325,000. Selling expenses were $20,000. The Axelsons purchased the house 30 years ago for $40,000. The gain reported on the Axelsons' joint tax return is:
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A. $0.
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B. $15,000.
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C. $35,000
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D. $265,000.
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E. none of the above.
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Auditing A Quickstudy Reference Tool
Authors: Michael P Griffin
1st Edition
1423236408, 978-1423236405
