Laurie has owned and occupied her personal residence (adjusted basis $190,000) for 4 years. In April 2023, she sells the residence for $300,000 and had to pay her real estate agent $20,000 in commission related to this sale. On the same day as the sale, Laurie purchased another residence for $350,000. Because of the noisy neighbors, she sells the new house after just 10 months. The selling price is $483,000 and she had to pay her real estate agent $18,000 in commission related to this sale.

a) What is Lauries recognized gain on the sale of the first residence?

b) What is Lauries recognized gain on the sale of the second residence?

c) Assume instead that the sale of the second residence was due to Lauries job transfer to another state. What is Lauries recognized gain on the sale of the second residence?