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The following information pertains to the sale of Al and Beth Oran’s principal residence:
Date of sale February 2013
Date of purchase October 1996
Net sales price $760,000
Adjusted basis $170,000
Al and Beth owned their home jointly and had occupied it as their principal residence since acquiring the home in 1996. In June 2013, the Orans bought a condo for $190,000 to be used as their principal residence. What amount of gain must the Orans recognize on their 2013 joint return from the sale of their residence?