Carlos, who is single, sells his personal residence on November 5, 2018, for $400,000. His adjusted basis was $125,000. He pays realtor's commissions of $20,000. He owned and occupied the residence for 12 years. Having decided that he no longer wants the burdens of home ownership, he invests the sales proceeds in a mutual fund and enters into a 1-year lease on an apartment. The detriments of renting, including a crying child next door, cause Carlos to rethink his decision. Therefore, he purchases another residence on November 6, 2019, for $275,000. Is Carlos eligible for exclusion of gain treatment under $ 121 (exclusion of gain on sale of principal residence)? Calculate Carlos's recognized gain and his basis for the new residence