On July 1, 2022, Ted, age 73 and single, sells his personal residence of the last 30 years for $365,000. Ted's basis in his residence is $50,000. The expenses associated with the sale of his home total $21,000. On December 15, 2022, Ted purchases and occupies a new residence at a cost of $225,000.

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

Problem 49 Sale of a Persanal Residence ((O,4,6) of his home total 121,000. On December 15, 2022. Ted purchawes and occuples a new residence at a cost of 5225 ,000. Calculate Ted's realized gain. recognised gain. and the adjuated basis of his new residence