Ron Forrest and Delia Maloney married in June of 2019. Prior to their marriage, Ron sold his former residence and moved into Delia's house during May of 2019. Delia had purchased her residence for $1,200,000 during April of 2010 and had lived in the property until it was sold. In August of 2020, that house is sold for $1,600,000. Assuming the couple file a joint return for the 2020 year, what is the amount of their allowable exclusion on the sale of the residence? $400,000 $500,000 $250,000 none of the above Question 9 (1 point) Landlord Jones exchanges a rental property with a basis of $250,000 and a value of $400,000 for a different rental property with a value of $350,000 from landlord Davis. Davis' basis in her rental property is $225,000. Davis also gives Jones $50,000 in cash. For Jones, which of the following statements is true? Jones has a realized and recognized gain of $150,000. Jones has a realized gain of $150,000 but no recognized gain. Jones has a realized gain of $150,000 and a recognized gain of $50,000. Jones has a realized gain of $100,000 and no recognized gain