1 This problem is current being displayed. Problem2 Problem3 Question Content Area During 2023, Makai and Mikala, a married couple, decided to sell their residence, which had a basis of $200,000. They had owned and occupied the residence for 20 years. To make it more attractive to prospective buyers, they had the inside painted in May at a cost of $6,000 and paid for the work immediately. They sold the house in May for $600,000. Broker's commissions and other selling expenses amounted to $50,000. They purchased a new residence in July for $375,000. The adjusted basis of the new residence is $381,000. True False