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Mrs. Gomez, a widow, paid $159,500 for her home 20 years ago. She recently sold...

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Accounting

Mrs. Gomez, a widow, paid $159,500 for her home 20 years ago. She recently sold this home and moved in with her son on a permanent basis. Assume the taxable year is 2021. Required: Compute Mrs. Gomezs recognized gain or loss on the sale assuming that her amount realized was: (If the results of a transaction do not result in a gain or loss, select 'No gain/loss'.)

Mrs. Gomez, a widow, paid $159,500 for her home 20 years ago. She recently sold this home and moved in with her son on a permanent basis. Assume the taxable year is 2021.

a.155,500

b.279,000

c.512,000

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