On February 1, 2020, a 39-year-old widow buys a new residence for $177,500. Three months later, she sells her old residence for $348,500 (adjusted basis of $136,500). Selling expenses totaled $23,750. She lived in the old house for 15 years. Required: a. What are the widow's realized and recognized gain or loss? (If there is no gain or loss is recognized, select "No gain/loss".) b. What is her basis in the new residence? Amount b Basis of new residence