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Mr. and Mrs. Axelson sold their personal residence in January 2012 for $325,000. Selling expenses were $20,000. The Axelsons purchased the house 30 years ago for $40,000. The gain reported on the Axelsons' tax return is:

a. $0.

b. $15,000.

c. $35,000

d. $265,000.

e. none of the above.

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