Pierce,a Single Person Age 60,sold His Home This Year

question 45

Multiple Choice

Pierce,a single person age 60,sold his home this year.He had lived in the house for 10 years.He signed a contract on March 4 to sell his home. Based on these facts,what is the amount of his recognized gain?

• A)$0
• B)$25,000
• C)$40,000
• D)$275,000

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