Monica and Ed, who are both 50 years old and married, sell their personal residence on July 1, 2020 for $1,300,000. They purchased the home for $1,000,000 in September 1, 2019 after living in a rental apartment for the past 15 years. In early 2020, Monica developed severe health problems and her doctors recommended that they move to a warmer climate. What is Monica and Ed's recognized gain on the sale of their residence