George and Barbara moved from Washington, D.C. to Texas where they purchased a new house for $1,000,000. They had lived in their old house for 8 years before selling for $800,000. They had purchased it for $400,000. What is George and Barbara's taxable gain and what is their basis in their new house? O a. $400,000 gain and $1,000,000 basis O b. $0 gain and $600,000 basis O c. $400,000 gain and $1,400,000 basis O d. $0 gain and $1,000,000 basis