Business, 17.06.2021 22:40 kellersweeney

Mr. and Mrs. Darwin sold their principal residence on September 12, 2019, and purchased and moved into a new residence three weeks later. They excluded their $353,000 gain realized on this sale from gross income. On October 2, 2020, the Darwins realized a gain on sale of the new residence. Which of the following statements about this second gain is true? a. If the Darwins sold the new residence because of a change in place of Mr. Darwin’s employment, they may exclude up to $500,000 of the gain from gross income.
b. The Darwins may not exclude any of the gain from gross income.
c. The Darwins may exclude $147,000 of the gain from gross income.
d. None of the above statements is true.

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