III. Mr. and Mrs. Black have been married for the last 40 years and file a joint tax return. During 2020 they sold their personal residence, which they have owned and resided in for the last 25 years, for $735,000. The personal residence had an adjusted basis of $210,000. They purchased a new personal residence at a cost of $470,000. Required: 1. Determine the amount of gain or loss to be recognized on Mr. and Mrs. Black's 2020 joint tax return and the basis of their new personal residence. 2. Assuming that Mr. and Mrs. Black were married 21 months ago instead of 40 years ago and that Mr. Black has owned and resided in the old personal residence for the last 25 years, determine the amount of gain or loss to be recognized on Mr. and Mrs. Black's 2020 joint tax return and the basis of their new personal residence