(Answered) Question - paul and paula parker purchased a home in

Accounting

Question - Paul and Paula Parker purchased a home in Washington, D.C. for $340,000 on November 4, 2011. Paul obtained a job in Roanoke, Virginia, and on December 4, 2012, the Parkers sold their home in Washington for $570,000.

(a) How much gain can the Parkers exclude, and how much is recognized?

(b) Assume that the Parkers, instead, sold their home on December 4, 2012 for $760,000. How much gain can the Parkers exclude, and how much is recognized?

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