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What are the tax consequences of the sale to the walden

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Problem 1: Mr. and Mrs. Walden sold a home that had been their principal residence for the last 29 years for $1,373,000. Their basis in the home was $650,000. subsequent to the sale they moved into a rented Condo. What are the tax consequences of the sale to the Walden's ?

A. $223.000 Long-Term capital gain
B. $473,000 Long-Term capital gain
C. $873,000 Long-Term capital gain
D. $723,000 Long-Term capital gain

Reference no: EM132795705

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