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Married couple, Sandy and Lisa, sold their personal residence for $700,000. They had owned the...

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Accounting

  1. Married couple, Sandy and Lisa, sold their personal residence for $700,000. They had owned the residence, which had a basis of $250,000, for four years. Within three months of the sale, they purchased a new residence for $900,000. What is Sandy and Lisas recognized gain from the sale of their personal residence?

  1. $0

  1. $450,000

  1. $200,000

  1. $500,000

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