This year, Fred and Wilma sold their home (sales price $750,000; cost $200,000). All closing costs were

Question:

This year, Fred and Wilma sold their home (sales price $750,000; cost $200,000). All closing costs were paid by the buyer. Fred and Wilma owned and lived in their home for 20 years. How much of the gain is included in gross income?
A. $550,000
B. $300,000
C. $250,000
D. $50,000
E. None

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