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M and D have used their home as their principal residence for the last 20 years. They have not sold a home during this time period. M has owned the house in his name only for all of this time period. During the current year they sold the home for $350,000 gain. Which of the following is most accurate?

a. $350,000 of gain is recognized because they do not both meet the ownership test.

b. No gain is recognized because the gain is less than the $500,000 exclusion.

c. $100,000 of gain is recognized because only Mark meets the ownership test.

d. $50,000 of the gain is recognized because only 60% of the exclusion is available.

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