Mr. and Mrs. Alvarez paid $130,000 for their home 30 years ago. They recently sold...
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Accounting
Mr. and Mrs. Alvarez paid $130,000 for their home 30 years ago. They recently sold this home and moved into a rented apartment. Describe the tax consequences of the sale assuming that the amount realized was:
A.$125,000
B.$450,000
C.$850,000
Please explain calculation for C.
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