Shantel Owned and Lived in a Home for Five Years

question 34

Multiple Choice

Shantel owned and lived in a home for five years before marrying Daron. Shantel and Daron lived in the home for two years before selling it at a $700,000 gain. Shantel was the sole owner of the residence until it was sold. What is the maximum amount of gain that Shantel and Daron may exclude?

• A)$0.
• B)$250,000.
• C)$500,000.
• D)$700,000.

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Definitions:

AutoSum

A function in spreadsheet applications that automatically calculates the sum of a selected range of cells.

Round

A shape having a continuous curve without edges or corners, often used in geometry and design; alternatively, it can refer to advancing or modifying numbers to a specific degree of precision.

Average

A statistical measure representing the central or typical value in a set of data, calculated by dividing the sum of all values by the number of values.

Sum

The result of adding two or more numbers or quantities together, totaling their combined value.