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Frank,a Single Person,sold His Home This Year

Question 108

Multiple Choice

Frank,a single person,sold his home this year.He had owned and lived in the house for 10 years.Frank signed a contract on March 4 to sell his home and closed the sale on May 3. Frank,a single person,sold his home this year.He had owned and lived in the house for 10 years.Frank signed a contract on March 4 to sell his home and closed the sale on May 3. Based on these facts,what is the amount of his recognized gain? A) $0 B) $39,800 C) $40,000 D) $52,000 Based on these facts,what is the amount of his recognized gain?


A) $0
B) $39,800
C) $40,000
D) $52,000

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