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Pierce, a Single Person Age 60, Sold His Home This

Question 36

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Pierce, 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. Pierce, 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. Based on these facts, what is the amount of his recognized gain? A) $0 B) $25,000 C) $40,000 D) $275,000 Based on these facts, what is the amount of his recognized gain?


A) $0
B) $25,000
C) $40,000
D) $275,000

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