If a seller realized $15,000 in gain on the original sale of their principal residence, and repossessed and resold the property 14 months later, which of the following statements is true?

	The seller may elect to exclude the gain, if any, on the repossession in the year of the original sale.
	No gain is recognized on the repossession, and the repossession and original sale are treated as a single transaction.
	The seller may elect to exclude the gain, if any, from the repossession in the year of repossession.
	No gain is recognized on the repossession, and the repossession and original sale are reported as separate transactions