Based on the details Elena shared with you regarding the potential house sale, please identify the capital gain that would be recognized if she sells the house for $$800,000$ in one month. Please show your calculations and explain your answer. We bought the house in $2003$ for $$246,000.$ We$$ve done repairs, but no additions, etc.

Our mortgage was originally $$150,000,30$ year term and the rate was $5\mathrm{.}25\%.$ We refinanced

three years ago for $$90,000(15-$year term and a rate of $3\mathrm{.}5\%).$ The current balance is $$75,564.$

The last time I thought about the house value was while settling Joe$$s estate. Olivia $($my

daughter$)$ filed the estate paperwork, and the house was valued at $$700,000.$ I spoke with a

Realtor this week who did a market analysis. She thinks it will sell for $$800,000.$ Her commission

is $6\%$ of the selling price.