Brian and Timothy Starr a married couple, sell their personal residence to Patricia. Patricia pays $790,000 and assumes their $100,000 mortgage. To make the sale, the Starrs pay $30,000 in real estate commissions. The couple has owned and lived in the house for seven years and their tax basis is $300,000. What is the amount of gain recognized on the sale?

Select one:

a. None of the other choices

b. $420,000

c. $560,000

d. $0

e. $60,000