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John, who is single, sells his personal residence (adjusted basis of $150,000) for $310,000. He...

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Accounting

John, who is single, sells his personal residence (adjusted basis of $150,000) for $310,000. He has lived in the residence for four years. Johns selling expenses total $20,000. Three weeks prior to sale, he paid a carpenter and a painter $3,000 to make repairs and paint the bathrooms. What is Johns recognized gain on the sale of his residence?

a.

$0

b.

$137,000

c.

$140,000

d.

$290,000

e.

None of the above.

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