Phil, 35 years old is an accountant. He receives medical insurance and fringe benefits from the employee. His wife, Sharon is 33 years old and works part time as office manager. They have 1 child, Amy 4 years old (qualifies for the $2,000 child care credit. They live in NYC and Sharon's mother cares for Amy at no cost. Assume Phil and Sharon sold their primary residence in the current year. They meet all of the requirements to qualify for exclusion provisions afforded to home owners. They paid $285,000 to purchase the house. They sold the house for $900,000. How much of gain on the sale of their primary home is subject to tax