On January 5, 2022, Amin sells his principal residence with an adjusted basis of $270,000 for $690,000. He has owned and occupied the residence for 15 years. He pays $35,000 in commissions and $2,000 in legal fees in connection with the sale. One month before the sale, Amin painted the exterior of the house at a cost of $5,000 and repaired various items at a cost of $3,000. On October 15, 2022, Amin purchases a new home for $600,000. On November 15, 2023, he pays $25,000 for completion of a new room on the house, and on January 14, 2024, he pays $15,000 for the construction of a pool. What is the Amins recognized gain on the sale of his old principal residence, and what is the basis for the new residence?