Myer, age 45, sells his personal residence on May 15, 2020, for $190,000. He pays $15,000 in selling expenses and $950 in repair expenses to help sell the residence. He has lived in the residence since 1994, when he purchased it for $45,000. In 2001, he paid $7,000 to install central air conditioning. Read the requirement. Begin by calculating the realized gain. First identify the formula, then enter the applicable amounts and calculate the realized gain. (Complete all answer boxes. For zero amounts, make sure to enter "0" in the appropriate cell.) Amount realized = Adjusted basis 52,000 Realized gain $ 123,000 $ 175,000 $ (Enter a "0" for zero amounts.) The recognized gain is $ 0 Requirement (Enter a "0" for zero amounts.) The basis of the new residence is If Myer purchases a new principal residence in December of the current year for $180,000, what is the realized gain, recognized gain, and the basis for the new residence? Print Done