Larry Gaines, a single taxpayer, age $42,$ sells his personal residence on November $12,2023,$ for $$158,000.$ He lived in the house for $7$ years. The expenses of the sale are $$11,060,$ and he has made capital improvements of $$4,740.$ Larry's cost basis in his residence is $$91,640.$ On November $30,2023,$ Larry purchases and occupies a new residence at a cost of $$197,500.$

Calculate Larry's realized gain, recognized gain, and the adjusted basis of his new residence.

If an amount is zero, enter $"0."$

Description Amount

a$.$ Realized gain $fill in the blank $1$

$0$

b$.$ Recognized gain $fill in the blank $2$

$0$

c$.$ Adjusted basis of new residence $fill in the blank $3$

$197,500$