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In October of 2011, Mike and Cathy Bennett sold their residence for $550,000. They purchased it in 2000 for $300,000. They made major capital improvements during their 10-year ownership, which totaled $50,000.

What is their recognized gain?

a) $200,000

b) $250,000

c) $0

d) $550,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M944132

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