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Discuss recognized on the sale of sarahs residence

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In March of the current year, Sarah Parker (a single taxpayer) sold her principal residence for a gross price of $550,000. Sarah purchased the house 15 years ago for $184,900. She has not made any improvements to the house, although she paid a real estate commission of $27,500 on the sale. Eighteen months later, Sarah bought a new residence for $224,900. What amount, if any, must be recognized on the sale of Sarah's residence?

Reference no: EM131749598

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