Leon sold his home that he had owned and occupied for 7 years. Based on the following facts, compute his recognized gain: Signed a contract on 1/4/2023 to sell his home Sold 6/3/2023 for $550,000 Selling expenses 9,000 Replaced and paid for a broken window 1/2/2023 100 Replaced and paid for a water heater 1/2/2023 350 Paid to have house painted 5/15/2023 3,000 Basis of old home before repairs and improvements 110,000