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In october of 2011 mike and cathy bennett sold their

Question - 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?

$200,000

$250,000

$550,000

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