52. Mai, a single taxpayer, sells her residence in the suburbs for $300,000. She bought the house twelve years ago for $60,000 and made $30,000 of improvements to it. Mai buys a new downtown condominium for $155,000 a few weeks after she sells her suburban residence.

a. What are Mai's realized gain and recognized gain on the sale? What is her basis in the condominium?

b. Assume that Main sells the property for $350,000. What are her realized gain and recognized gain on the sale? What is her basis in her condominium?

53. Manuel and Rita sells their home in Minneapolis for $495,000 incurring selling expenses of $25,000. They had purchased the residence for $85,000 and made capital improvements totaling $20,000 during the 20 years they lived there. They buy a new residence in Tampa for $225,000

a. What are Manuel and Rita's realized gain and recognized gain on the sale? What is their basis in the Tampa house?

b. Assume that Manuel and Rita sell the Minneapolis home for $675,000. What are their realized gain and recognized gain on the sale? What is their basis in the Tampa house?

55. Gary and Gertrude are married on April 8,2015. They use Gertrude's home as their residence. Gertrude purchased the home on November 14,2013, for $60,000. On February 19.2016, Gertrude is killed in an automobile accident. Gary is distraught and sells their residence on May 14,2016 for $110,000 and moves to Portugal. How much of the gain on the sale of the residence is taxable?