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Michael and Mary Mason sold for $380,000 in November of 2012 their residence that they...

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Accounting

Michael and Mary Mason sold for $380,000 in November of 2012 their residence that they had purchased in 2002 for $75,000. They made major capital improvements during their 10-year ownership totaling $25,000. (a) What is their excluded gain? How much must they recognize? (b) Suppose, instead, that the Masons sold their home for $720,000. They moved into a smaller house costing $220,000. What is their excluded gain? How much must they recognize?

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