Mr. and Mrs. Darwin sold their principal residence on September 12, 2019, and purchased and moved into a new residence three weeks later. They excluded their $353,000 gain realized on this sale from gross income. On October 2, 2020, the Darwins realized a gain on sale of the new residence. Which of the following statements about this second gain is true? a. If the Darwins sold the new residence because of a change in place of Mr. Darwin’s employment, they may exclude up to $500,000 of the gain from gross income.
b. The Darwins may not exclude any of the gain from gross income.
c. The Darwins may exclude $147,000 of the gain from gross income.
d. None of the above statements is true.

Alpine west, inc., operates a downhill ski area near lake tahoe, california. an all-day, adult ticket can be purchased for $55. adult customers also can purchase a season pass that entitles the pass holder to ski any day during the season, which typically runs from december 1 through april 30. the season pass is nontransferable, and the $450 price is nonrefundable. alpine expects its season pass holders to use their passes equally throughout the season. the company’s fiscal year ends on december 31. on november 6, 2009, jake lawson purchased a season ticket. required: 1. when should alpine west recognize revenue from the sale of its season passes? 2. prepare the appropriate journal entries that alpine would record on november 6 and december 31. 3. what will be included in the 2009 income statement and 2009 balance sheet related to the sale of the season pass to jake lawson?