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QUESTION 27 On January 8, 2018, Sam, age 62, sold for $410,000 his personal residence...

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QUESTION 27 On January 8, 2018, Sam, age 62, sold for $410,000 his personal residence which had an adjusted basis of $150,000. Sam purchased the home in 2013 and used the home as his principal residence. On May 1, 2018, he purchased a new residence for $520,000. For 2018, Sam should recognize a gain on the sale of his residence of: O a. $250,000 O b. so O c. $260,000 o d. $10,000

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