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Business, 05.05.2020 17:21 alex43079

Mr. and Mrs. Jones sold their principal residence for $750,000. They had lived in their residence for 20 years, and it had an adjusted basis of $210,000. The Joneses have decided not to purchase a new home and will instead rent a condominium on the beach. What amount of gain must they recognize on this transaction?
a. $0b. $540,000c. $750,000d. $40,000

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