Jerry and Jane are married on March 18, 2016. They use Jane's house as their residence and sell Jerry's house on April 27, 2016 for $420,000. Jerry had purchased the house in 2009 for $120,000.
a. What code section and/or regulation allows the exclusion of gain from the sale of a taxpayer's residence?
b. What code section and/or regulation provides the general limit on the amount of gain that can be excluded?
c. What code section and/or regulation further limits the amount of gain that Jerry andJane can exclude on their joint return?