Troy $($single$)$ purchased a home in

Hopkinton, Massachusetts, on January $1,$

$2007,$ for $$290,000.$ He sold the home on

January $1,2020,$ for $$312,700.$ How much

gain must Troy recognize on his home

sale in each of the following alternative

situations? $($Leave no answer blank. Enter

zero if applicable.$)$

b$.$ Troy lived in the home as his principal residence from

January $1,2007,$ through December $31,2015.$ He rented

out the home from January $1,2016,$ through the date of

the sale. Assume accumulated depreciation on the home

at the time of sale was $$6,950.$

Recognized gain