In January of 1996, Lawrence, then age 55, sold his principal residence in Seattle and took advantage of the exclusion available under Section 121. At that time, the maximum exclusion was $125,000. He excluded his entire gain on the sale, which was $100,000. Later that year, he purchased a new residence in Denver that he used as his principal residence. Earlier this year, he sold the Denver residence for a realized gain of $200,000.

What is the maximum amount of gain, if any, that Lawrence may exclude under Section 121?