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Decker, a 62-year-old single individual, sold his principal residence for the net amount of $500,000...

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Accounting

  1. Decker, a 62-year-old single individual, sold his principal residence for the net amount of $500,000 after all selling expenses. Decker bought the house 15 years ago and occupied it until it was sold. On the date of sale, the house had a cost basis of $200,000. Within six months, Decker purchased a new house for $600,000. What amount of gain should Decker recognize from the sale of the residence?

  1. $0
  2. $50,000
  3. $175,000
  4. $300,000

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