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Question 11 Mr. and Mrs. Alvarez paid $130,000 for their home 30 years ago. They recently sold this home and moved into a retirement apartment.

Question 11

Mr. and Mrs. Alvarez paid $130,000 for their home 30 years ago. They recently sold this home and moved into a retirement apartment. How much gain will be recognized if they sold the home for $650,000 (they file a joint return)?

Group of answer choices

No gain is recognized

$20,000

$270,000

$520,000

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