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Toni purchased a home for use as her principal residence in 19X0. In 19X7, Toni...

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Question

Accounting

Toni purchased a home for use as her principal residence in 19X0. In 19X7, Toni married Earl who moved into the residence immediately after the wedding. The residence was sold in 19X8 at a gain of $325,000. How much gain must Toni recognize on the sale of the residence?

Multiple Choice

  • $100,000

  • $75,000

  • $0

  • $325,000

Answer & Explanation Solved by verified expert
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