Larry Owned and Lived in a Home for Five Years

question 53

Multiple Choice

Larry owned and lived in a home for five years before marrying Darlene.Larry and Darlene lived in the home for one year before selling it at a $600,000 gain.Larry was the sole owner of the residence until it was sold.How much of the gain may Larry and Darlene exclude?

• A)$0.
• B)$250,000.
• C)$500,000.
• D)$600,000.

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Definitions:

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