Which one of the following statements is correct concerning fringe benefits provided by an employer? Fringe benefits are generally taxable to employees and deductible to the employers. All fringe benefits are tax deductible by the employer and tax exempt to the employees Some fringe benefits may be tax-exempt up to a certain amount, but taxable to employees above the government-stipulated amount. When health insurance premiums are provided as nontaxable fringe benefits, health insurance payments for medical bills or reimbursements for medical cost are taxable to employees QUESTION 22 Seth purchased his home on July 1, 2008. He married his wife on August 1, 2015, and she moved into the home. On Jan 1, 2017 they moved out of the home into their newly built house. They were not able to sell their home until July 1, 2019. On July 1, 2019 they sold the home and realized a $310,000 gain. What amount of the gain can Seth and his wife exclude from their current year gross income? $310,000 $250,000 $155,000 5-0