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Mr. and Mrs. Frazier purchased their principal residence in 1995 for $1,220,000. This was their only principal residence until they sold it for $1,960,000 in
Mr. and Mrs. Frazier purchased their principal residence in 1995 for $1,220,000. This was their only principal residence until they sold it for $1,960,000 in 2019. How much gain from the sale must they recognize on their joint 2019 tax return? 240,000 490,000 500,000 740,000
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