Problem 3 (7 points) Michael and Mary Mason sold for $580,000.00 in November of 2018 their residence that they had purchased in 2004 for $75,000,00. They had made capital improvements during their 10-year ownership totaling $25,000.00. (a) What is their recognized gain should they elect to use Section 121? (b) Suppose instead that the Masons sold their home for $780,000.00. They moved into a smaller house costing $220,000.00. What is their recognized gain should they elect to use Section 121? (c) Assume instead that the Masons resided in a very depressed neighborhood and the home was sold for only $70,000.00. How much, if any, gain or loss is recognized