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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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