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Your client is a single taxpayer who has purchased a house 5 years ago for $ 3 0 0 , 0 0 0 . He

Your client is a single taxpayer who has purchased a house

5

years ago for $

300, 000 .

He has only lived in it the past year. He sells it this year for $

450, 000 .

Is the entire gain excludable?

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