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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

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