3. Mohamed, a single man, was transferred by his employer from Phoenix, Arizona to Atlanta, Georgia. He sold his Phoenix home (personal residence) with an adjusted basis of $250,000 for $525,000 and purchased a new residence in Atlanta for $200,000. Mohamed had owned and lived in the Phoenix residence for 6 years and has never excluded any gain on the sale of a personal residence from a prior year tax return. What is Mohamed's recognized gain or loss on the sale of the Phoenix residence and his basis for the residence in Atlanta