Calvin and Carolyn Coleman Purchased a Home in San Francisco

Multiple Choice

Calvin and Carolyn Coleman purchased a home in San Francisco for $375,000 on October 1, 2011. Calvin obtained a job in Portland, Oregon, and on December 1, 2012, the Colemans sold their home in San Francisco for $650,000. How much gain must the Colemans recognize?

A) $500,000
B) $291,667
C) $275,000
D) $-0-
E) None of the above