36. L0.1,2 Yancy's personal residence is condemned as part of an urban renewal project. His adjusted basis for the residence is $480,000. He receives con- demnation proceeds of $460,000 and invests the proceeds in stocks and bonds. 2. Calculate Yancy's realized and recognized gain or loss. b. If the condemnation proceeds are $505,000, what are Yancy's realized and recognized gain or loss? c. What are Yancy's realized and recognized gain or loss in part (a) if the house was rental property