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

What is their recognized gain?

$200,000

$250,000

$550,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9135334

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