9. Peter, a single person age 60, sold his home this year. He had lived...
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9. Peter, a single person age 60, sold his home this year. He had lived in the house for 10 years. He signed a contract on March 4 to sell his home. Sales price $600,000 Selling expenses 15,000 Replaced and paid for a broken window on March 2 800 Basis of old home before repairs and improvements 310,000 Based on these facts, what is the amount of his recognized gain? A $25,000 B. $0 C. $40,000 D $275,000
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