Jim's father, Joe, purchased a house in 2007 for $100,000. Joe used the house as his principal residence until November 2016, when he gifted the house to Jim. On the date of the gift, the house was worth $200,000. No gift tax was paid. 6 of 10 Module 7 Problem Set Jim then used the house as his principal residence from November 2016 to December 2019. One year later, in December 2020, Jim sold the house for $475,000. Jim is single. What is Jim's recognized gain or loss on the sale of the house