Multiple Choice
William and Kate married in 2016 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 2016,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 2016?
A) $0
B) $250,000
C) $320,000
D) $370,000
Correct Answer:
Verified
Correct Answer:
Verified
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