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Q.7 Abigail and Darcy are married. In 2019 they sold there home, which they had...

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Q.7 Abigail and Darcy are married. In 2019 they sold there home, which they had purchased in 2015, and lived in it since 2016. They sold the house for $935,000. They purchased the house for $320,000 and made improvements costing $60,000. Abigail and Darcy immediately purchased another home for $985,000. What is their recognized gain in 2019 from the sale of the home assuming this is the only home they ever sold? Explain your answer. 2

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