QuestionKen and Barbie purchased a beach home in 2010 for $350,000, and immediatelybegan using it as their principal residence. In 2012, they purchased the adjacent vacant lot for $100,000 to protect their ocean view and provide a buffer between neighbors.In 2021, their beach home was completely destroyed by a hurricane. Their insurance company paid Ken and Barbie $600,000 (the insured value of their home) in March. Deciding they no longer liked the beach life (actually, hurricanes), In June, Ken and Barbie sold the lot on which the house used to be for $150,000. Then, in December, they sold the adjacent lot for $150,000.Research Issues: Are Ken and Barbie eligible to exclude from income tax any associated proceed from the insurance policy and the two separate lot sales? Required: Search our tax research database to find the relevant tax authority(ies). Present your memorandum in the following format (be sure to use the bolded headings):Present your memorandum in the following format (i.e., use these headings): -Facts – Summarize the relevant facts from the scenario. -Issues – Provide separate overviews of the issues. -Discussion – Provide technical support for your conclusion. -Your discussion should be prefaced with a listing of the relevant Code sections and any other primary (official) sources of authority you used (e.g., a properly-cited court case). -Do not simply copy/paste the provision in your sources into your document; instead, summarize & apply the reasoning to these facts.d. Conclusion – Briefly state your conclusions for the issue(s) identified. (If there is any uncertainty about the validity of your answer, indicate the cause of the uncertainty.)LawSocial ScienceTax law ACC 460

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