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Nelson Whiting (single) purchased a home in Denver, Colorado for $300,000. He moved into the homeon July 1 of year 1. He lived in the

Nelson Whiting (single) purchased a home in Denver, Colorado for $300,000. He moved into the homeon July 1 of year 1. He lived in the home as his primary residence until December 1, year 2 when he soldthe home for $450,000. Nelson sold the home because he was changing jobs and his new job was in adifferent state. What amount of gain must Nelson recognize on the home sale in year 2?

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