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Compute mrs gomezs recognized gain or loss on the sale

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Reference no: EM13887621

Mrs. Gomez, a widow, paid $148,000 for her home 20 years ago. She recently sold this home and moved in with her son on a permanent basis. Compute Mrs. Gomez's recognized gain or loss on the sale assuming that her amount realized was:

a. $140,000.

b. $262,500.

c. $467,000.

Reference no: EM13887621

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