Required information Problem 5-71 (LO 5-3) (Algo) [The following information applies to the questions displayed below.] This year, Leron and Sheena sold their home for $892,500 after all selling costs. Under the following scenarios, how much taxable gain does the home sale generate for Leron and Sheena? Assume that the couple is married filing jointly. Note: Leave no answer blank. Enter zero if applicable. Problem 5-71 Part b (Algo) b. Leron and Sheena bought the home one year ago for $685,500 and lived in the home until it sold. Taxable gain $207,000

Problem 5-71 (LO 5-3) (Algo) [The following information applies to the questions displayed below.] This year, Leron and Sheena sold their home for $892,500 after all selling costs. Under the following scenarios, how much taxable gain does the home sale generate for Leron and Sheena? Assume that the couple is married filing jointly. Note: Leave no answer blank. Enter zero if applicable. roblem 5-71 Part b (Algo) Leron and Sheena bought the home one year ago for $685,500 and lived in the home until it sold