Multiple Choice
Norman Nunn had purchased his residence on January 12, 2011, for $155,000 and then sold it on April 12, 2012 for $475,000 because of illness. How much gain must Norman recognize?
A) $250,000
B) $163,750
C) $156,250
D) $475,000
E) None of the above
Correct Answer:
Verified
Correct Answer:
Verified
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