On August 31, 2016, Harvey and Margaret, who file a joint return and live in Charleston, South Carolina, sell their personal residence, which they have owned and lived in for 10 years. The realized gain of $292,000 was excluded under § 121. They purchased another personal residence in Charleston for $480,000 on September 1, 2016. However, in 2017, Harvey’s employer transfers him to Houston, Texas. They sell their Charleston home on February 28, 2017, and purchase a new home in Houston. The realized gain on the second sale is $180,000. What is Harvey and Margaret’s recognized gain on the second sale?