The following information pertains to the sale of Al and Beth Oran's principal residence: - Date of sale: February 2015 - Date of purchase: October 1998 - Net sales price: $760,000 - Adjusted basis: $170,000 Al and Beth owned their home jointly and had occupied it as their principal residence since acquiring the home in 1998. In June 2015, the Orans bought a condo for $190,000 to be used as their principal residence. What amount of gain must the Orans recognize on their 2015 joint return from the sales of their residence?

The following information pertains to the sale of Al and Beth Oran's principal residence: - Date of sale: February 2015 - Date of purchase: October 1998 - Net sales price: $760,000 - Adjusted basis: $170,000 Al and Beth owned their home jointly and had occupied it as their principal residence since acquiring the home in 1998. In June 2015, the Orans bought a condo for $190,000 to be used as their principal residence. What amount of gain must the Orans recognize on their 2015 joint return from the sales of their residence?

The following information pertains to the sale of Al and Beth Oran's principal residence:
- Date of sale: February 2015
- Date of purchase: October 1998
- Net sales price: $760,000
- Adjusted basis: $170,000
Al and Beth owned their home jointly and had occupied it as their principal residence since acquiring the home in 1998. In June 2015, the Orans bought a condo for $190,000 to be used as their principal residence. What amount of gain must the Orans recognize on their 2015 joint return from the sales of their residence?






a. $90,000
b. $150,000
c. $340,000
d. $400,000






Answer: A