Capital Gains Question

[Darrell Brand]

Scenario: Parent and child co-own a non-rental property. Parent lives in property, child is silent investor living elsewhere. At sale of property, a $300K profit is realized. 

Question: Is full $250K cap gains exemption permitted (single, not married filing jointly), paying tax only on the additional $50K gain? Or, if 50/50 ownership on deed, is only $150K exempt (50% of $300K profit) for parent "resident" owner, leaving the other $150K profit for child "investor" owner subject to full capital gains taxation?

If the latter, can quit claim to parent/resident preclude this higher tax liability?

Thanks!