Q436:-Simonne, a single taxpayer, bought her home in La Jolla 25 years ago for $55,000. She has lived continuously in the home since she purchased it. In the current year, she sells her home for $405,000. What is Simonne's taxable gain on the sale? a. $90,000 b. $100,000 c. $350,000 d. $0

SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
Publisher:YOUNG
Chapter15: Property Transactions: Nontaxable Exchanges
Section: Chapter Questions
Problem 2BCRQ
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Q436:-Simonne, a single taxpayer, bought her home in La Jolla 25
years ago for $55,000. She has lived continuously in the home since
she purchased it. In the current year, she sells her home for
$405,000. What is Simonne's taxable gain on the sale?
a. $90,000
b. $100,000
c. $350,000
d. $0
Transcribed Image Text:Q436:-Simonne, a single taxpayer, bought her home in La Jolla 25 years ago for $55,000. She has lived continuously in the home since she purchased it. In the current year, she sells her home for $405,000. What is Simonne's taxable gain on the sale? a. $90,000 b. $100,000 c. $350,000 d. $0
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