Question 19 (4 points) Mr. Baker sold his home on November 1, Year 15 (the current year) for $355,000. He owned and lived in the home for 15 years, and it had an adjusted basis of $75,000. He purchased a new home for $200,000. What amount of gain may Mr. Baker exclude on this transaction? Zero $250,000 $280,000 $355,000