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In March 2012, Davis, who is single, purchased a new residence for $200,000. During that same month he sold his former residence for $380,000 and paid the realtor a $20,000 commission. The former residence, his first home, had cost $65,000 in 1993. Davis added a bathroom for $5,000 in 2008. What amount of gain is recognized from the sale of the former residence on Davis’ 2012 tax return?