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Sale of a Personal Residence ( LO 4 . 6 ) Gene, a single taxpayer, purchased a house eighteen months ago for $ 3 5

Sale of a Personal Residence

(

4.6)

Gene, a single taxpayer, purchased a house eighteen months ago for $

350, 000 .

If Gene sells his house due to unforeseen circumstances for $

550, 000

after living in it for a full eighteen months, what is his taxable gain?

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