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
E)$300,000

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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
E)$300,000

Justin,who Is Single,sells His Principal Residence That He Has Owned