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Eighteen months later sarah bought a new residence for

In March of the current year, Sarah Parker (a single taxpayer) sold her principal residence for a gross price of $550,000. Sarah purchased the house 15 years ago for $184,900. She has not made any improvements to the house, although she paid a real estate commission of $27,500 on the sale. Eighteen months later, Sarah bought a new residence for $224,900. What amount, if any, must be recognized on the sale of Sarah's residence?

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Accounting Basics: Eighteen months later sarah bought a new residence for

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