Eighteen months ago, Barney and Betty bought their house for $268,000. This year, Barney and...
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Eighteen months ago, Barney and Betty bought their house for $268,000. This year, Barney and Botty sold their home for a sales price of $990,000. All closing costs were paid by the buyer. Barney and Betty owned and lived in their home for 18 months. Assuming no unusual or hardship circumstances apply, how much of the gain is included in gross income? (Do not use commas or dollar signs.)
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