Which of the following taxpayers will qualify for gain exclusion under Section 121?

a. Mariah who lived in her home for 1 year

b. Mariah who lived in her home for the past three years

c. Mariah who lived in her home for 10 years but then rented it for three years while she worked abroad

d. Mariah who rented her home for 3 years

Assume Jeremy exchanges like-kind property with Marissa. Jeremy's property is worth $200,000 and Marissa's is worth $220,000. Therefore, Jeremy pays $20,000 in cash to Marissa. Jeremy's basis in his property was $180,000 and Marissa's basis had been $120,000. What is Marissa's recognized gain or loss under Section 1031 assuming she complies with its provisions?

a. $30,000

b. $100,000

c. $20,000

d. $0