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How much gain must justin recognize

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Question - Justin, who is single, sells his principal residence that he has owned and occupied for the past five years. His adjusted basis for the residence is $90,000. He incurred selling expenses of $10,000. How much gain must Justin recognize if sells the residence for $390,000?

a. 0

b. $40,000

c. $50,000

d. $290,000

Reference no: EM133053796

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