Reid's personal residence is condemned on September 12, 2021, as part of a plan to add two lanes to the existing highway. His adjusted basis is $390,000. He receives condemnation proceeds of $456,500 on September 30,2021 . He purchases another personal residence for $427,500 on October 15,2021 . Required: What are Reid's realized and recognized gain or loss? Note: If there is no gain or loss is recognized, select "No gain or loss