Bob and Elizabeth Brown,a Married Couple,sell Their Personal Residence to Tamel.Tamel

Multiple Choice

Bob and Elizabeth Brown,a married couple,sell their personal residence to Tamel.Tamel pays $660,000 and assumes their $90,000 mortgage.To make the sale Browns pay $20,000 in commissions and $10,000 in legal costs.The couple has owned and lived in the house for seven years and their tax basis is $200,000.What is the amount of gain recognized on the sale?

A) $0
B) $20,000
C) $50,000
D) $520,000