During 2017, Ted and Judy, a married couple, decided to sell their residence. They had owned and occupied the residence for 16 years. The home had a basis of $225, 000. They sold the house in May 2017 for $795,000 Brkers, commissions and other selling expenses totaled $45,000. Since they are both age 68, they intend to rent a smaller apartment and invest the proceeds rather than buy a new house. They want to utilize the $121 provisions. What is the recognized gain? a $750,000 b $525,000. c $25, 000 d $0 e Some other amount