What is the realized Gains?

Question:
Loretta Myers and Steve Jones married on September 15, 2018. Steve moved into Loretta's house on December 1st of 2018. Loretta had owned and occupied the house for 15 years. The house was sold for $1,100,000 on January 30th of 2020 Loretta's basis for the home was $500,000.

Choose the correct tax treatment for the gain on the sale of the residence

1-Since Loretta has owned and occupied the residence for more than 2 of the last 5 years, the couple is entitled to an exclusion of $500,000 .

2-Since Loretta has owned and occupied the residence for more than 2 of the last 5 years, the couple is entitled to an exclusion of $ 250,000 . Steve hasn't met the use test.

3-The couple has not met the ownership AND use test as a couple so no exclusion is allowed

Exercise 2

Tim sells his personal residence after owning and using the home as the principal residence for the last eight years. Tim basis at the time of sale was $260,000 and the home was sold for a net sales proceeds of $ 340,000. Tim borrows $60,000 to help with the financing of a new home and buys a new residence for $400,000.

Which of the following statements correctly describes the tax result of this exchange to Tim?

1-Tim has a realized gain of $80,000 on the sale of his home but the gain is deferred. He has a basis of $in his new home.

2-Tim has a realized gain of $80,000 on the sale of his home but the gain is excluded. He has a basis of $320,000 in his new home.

3-Tim has a realized gain of $ 80,000 on the sale of his home but the gain is excluded. He has a basis of $400,000 in his new home.

4-Tim has a realized gain and recognized gain of $80,000 on the sale of his home . He has a basis of $400,000 in his new home.

Exercise 3

Charlie London, a landlord, exchanges an apartment building with a value of 800000 and a basis of 400000 with Veronica land is, another landlord. In exchange, Charlie receives real estate with a basis of 400000 and a value of 500000 from Veronica. Veronica also assumes a 200000 mortgage on Charlie's property and gives 100000 in cash.

What is Charlie REALIZED Gain?