Sophia, a single taxpayer, bought her home in Santa Clara 30 years ago for $75,000. She has lived continuously in the home since she purchased it. In the current year, she sells her home for $460,000. What is Sophia's taxable gain on the sale?
Sophia, a single taxpayer, bought her home in Santa Clara 30 years ago for $75,000. She has lived continuously in the home since she purchased it. In the current year, she sells her home for $460,000. What is Sophia's taxable gain on the sale?
Chapter18: The Federal Gift And Estate Taxes
Section: Chapter Questions
Problem 31CE
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General Account
Transcribed Image Text:Sophia, a single taxpayer, bought her home in
Santa Clara 30 years ago for $75,000. She has
lived continuously in the home since she
purchased it. In the current year, she sells her
home for $460,000. What is Sophia's taxable
gain on the sale?
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