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Sale of susan sharp residence

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Reference no: EM133121354

In March of this year, Susan Sharp sold her principal residence for a total price of $408,000. Susan sold the house due to a job transfer out of state. She received the house as a gift 18 months ago when its fair market value was $50,000.

Susan made $20,000 of improvements to the house and paid realtor commissions of $23,000.

What amount must be recognized on the sale of Susan Sharp's residence?

Reference no: EM133121354

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