On March 1, 2019 you purchased a 1 bedroom house for $120,00 and lived in...
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Accounting
On March 1, 2019 you purchased a 1 bedroom house for $120,00 and lived in it with your spouse as your personal residence. On April 15, 2020 your spouse gave birth to triplets and you realized you had to sell your house quickly. On August 1, 2020 Oil was discovered directly under your house. On September 30, 2020 you sold the house for $1,250,000 and paid $62,500 of broker's commissions on the sale. How much taxable income do you have to recognize in 2020?
A. $1,067,500 B. $671,667 C. $630,000 D. $1,130,000
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