Eric and Faye, who are married, jointly own a house in which they have resided for the past 17 years. They sell the house for $375,000, with realtor's fees of $10,000. Their adjusted basis for the house is $80,000. Since they are in their retirement years, they plan on moving around the country and renting. What is their recognized gain on the sale of the residence if they use the § 121 exclusion (exclusion of gain on sale of principal residence) and if they elect to forego the § exclusion?