How much of the gain is included in gross income

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Reference no: EM13775762

This year, Barney and Betty sold their home (sales price $750,000; cost $200,000). All closing costs were paid by the buyer. Barney and Betty owned and lived in their home for 18 months. How much of the gain is included in gross income?

A. $550,000

B. $300,000

C. $250,000

D. $50,000

E. None

Reference no: EM13775762

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