Question: Exercise 13-43 (Algorithmic) (LO. 8) On August 31, 2017, Harvey and Margaret, who file a joint return and live in Charleston, South Carolina, sell their

Exercise 13-43 (Algorithmic) (LO. 8)

On August 31, 2017, Harvey and Margaret, who file a joint return and live in Charleston, South Carolina, sell their personal residence, which they have owned and lived in for 10 years. The realized gain of $316,600 was excluded under 121. They purchased another personal residence in Charleston for $506,560 on September 1, 2017. However, in 2018, Harvey's employer transfers him to Houston, Texas. They sell their Charleston home on February 28, 2018, and purchase a new home in Houston. The realized gain on the second sale is $284,940.

Harvey and Margaret's recognized gain on the second sale is $. _______________

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