Carmine, who is single, sells his personal residence on September 23, 2021, for $400,000. His adjusted basis was $125,000. He pays realtor's commissions of $20,000. He had 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 down side of renting, including a constantly crying child next door, cause Carmine to rethink his decision. As a result, he purchases another residence on September 24, 2022, for $275,000. Is Carmine eligible for exclusion of gain treatment under Section 121(exclusion of gain on sale of personal residence)? Calculate Carmine's recognized gain and his basis for the new residence.