William and Kate Married in 2019 and Purchased a New

question 81

Multiple Choice

William and Kate married in 2019 and purchased a new home together.Each had owned and lived in separate residences for the past 5 years.William's adjusted basis in his old residence was $200,000; Kate's adjusted basis in her old residence was $120,000.In late 2019,William sells his residence for $500,000 while Kate sells her residence for $190,000.What is the total gain to be excluded from these transactions in 2019?

• A)$0
• B)$250,000
• C)$320,000
• D)$370,000

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