Justin, who is single, sells his principal residence that he has owned and occupied for the past five years.His adjusted basis for the residence is $90,000.He incurred selling expenses of $10,000.How much gain must Justin recognize if sells the residence for $390,000?
A)0
B)$40,000
C)$50,000
D)$290,000

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The Answer of Justin, who is single, sells his principal residence that he has owned and occupied for the past five years.His adjusted basis for the residence is $90,000.He incurred selling expenses of $10,000.How much gain must Justin recognize if sells the residence for $390,000?
A)0
B)$40,000
C)$50,000
D)$290,000

Justin, Who Is Single, Sells His Principal Residence That He