Herbert purchased a residence on January 2, 2017 for $280,000. Herbert suddenly has to get a new job and sold his house 10 months later, on October 2, 2017 he sold his residence for $350,00. What is the amount of the gain he must recognize in 2017? (I believe the asnwer is C becasuse you do 350,000 - 280,000 = 70,000 .... 70,000 x (10/24) = 29,167 PLEASE EXPLAIN IN WORDS??????)

A. $0

B. $70,0000

C. $29,167

D. $40,833

E. None of the above