Question: Question 15 (3 points) Saved On December 1, 2020, N (who is single) bought his first home and moved in right away making it his

Question 15 (3 points) Saved On December 1, 2020, N (who is single) bought his first home and moved in right away making it his principal residence in February 2021, he was laid off by his employer. He found a new job in different state, which meant he needed to relocate. On February 28, 2021, he sold the old home for $40,000 more than what he paid for it and moved out. How much gain, if any, must N recognize in 2021? Show your work for partial credit AM

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