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10. John purchased a primary residence on October 15, year 2, for $240,000. On June...

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Accounting

10. John purchased a primary residence on October 15, year 2, for $240,000. On June 10, year 4, he married Karen, and she moved into the house. Karen was not added to the deed. On October 15, year 6, they moved out of the house. John sold the home on October 15, year 7, for $850,000. What amount of gain from the sale is recognized on their year 7 joint income tax return?

a. $110,000

c. $360,000

b. $122,000

d. $610,000

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