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Pierce Sold His Home This Year

Question 117

Multiple Choice

Pierce sold his home this year.He had owned and lived in the house for 10 years.Pierce signed a contract on March 4 to sell his home. Pierce sold his home this year.He had owned and lived in the house for 10 years.Pierce 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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