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Calculate Lonzo gain on the sale of the house

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Reference no: EM132691947

Problem - Assume that Lonzo owned the property as rental property beginning in 1997. During the time the house was a rental property, Lonzo had $16,000 in depreciation and completed the same work/purchases listed in the previous question. Calculate Lonzo's gain on the sale of the house.

a) $268,000

b) $271,750

c) $250,000

d) $255,750

Reference no: EM132691947

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