John, who is single, sells his personal residence (adjusted basis of $150,000) for $310,000. He has lived in the residence for four years. Johns selling expenses total $20,000. Three weeks prior to sale, he paid a carpenter and a painter $3,000 to make repairs and paint the bathrooms. What is Johns recognized gain on the sale of his residence?

	a.	$0
	b.	$137,000
	c.	$140,000
	d.	$290,000
	e.	None of the above.