Joseph, a single person, sold his condo in New York City for $487,000 in October 2016. He works as an internal auditor for a multinational corporation and is often on the road. The condo was the only real estate that he owned. He purchased the condo in February 2013 for $299,000. During the period January 2015 to October 2016, he lived in Paris, France on a two year assignment to the European section of the audit staff. In November, 2016, he moved to Australia on a three year assignment. Joseph never rented the condo as the company paid all of the expenses while he was out of the country on assignment. He lived in the condo while on vacation in July of both 2015 & 2016. Although Joseph is a CPA, he is not a tax person. He wants to know what the tax consequences are of selling the condo. Explain the effect of the sale on his taxes in detail