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Clem and Chloe, a married couple, sell their principal residence that they have owned and occupied for the past twenty years. the adjusted basis for the residence is $324,000. They incurred selling

Clem and Chloe, a married couple, sell their principal residence that they have owned and occupied for the past twenty years.  the adjusted basis for the residence is $324,000.  They incurred selling expense of $30,000.  How much gain must they recognize if they sell the residence for $904,000?

  • a.  $50,000
  • b.  $290,000
  • c.   $40,000
  • d.  $300,000

 

Sep 12 2020 View more View Less

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