Robert sold his ranch which was his principal residence during the current taxable year. At the date of the sale, the ranch had an adjusted basis of $460,000 and was encumbered by a mortgage of $200,000. The buyer paid him $500,000 in cash, agreed to take the title subject to the $200,000 mortgage, and agreed to pay him $100,000 with interest at 6 percent one year from the date of sale.

If Robert is legally married to a same-sex partner, the recognized gain, if Robert and his partner owned and used the ranch as their principal personal residence for at least 2 years , is likely

	a.	$40,000
	b.	$240,000
	c.	$340,000
	d.	$0
	e.	None of the above.