Question 30 1 pts Paul and Mary own a personal residence that they purchased 30 years ago for 27,000. In the current year, the sell the home for 530,000. What is the amount of gain recognized, if any, on this transaction and how is it taxed? 503,000 taxed as capital gains 500,000 excluded as a personal residence exclusion and 3,000 taxed as capital gains 500,000 excluded as a personal residence exclusion and 3,000 taxed as ordinary income