Mr. Johnson bought a property on January 1, 2008 and had sold it on August 1, 2008. He then used the money from the sale to lease property to live in for the next five years. Any profit from that sale:
a. could be deferred
b. would be taxable as a long-term capital gain
c. could be deferred if the gain was not more than $35,000
d. would be taxable as ordinary income
