Reld's personal residence is condemned on September $12,2022,$ as part of a plan to add two lanes to the existing highway. HIs adjusted basis is $$300,000.$ He recelves condemnation proceeds of $$340,000$ on September $30,2022.$ He purchases another personal residence for $$325,000$ on October $15,2022$

Required:

What are Reld's realized and recognized gain or loss?

Note: if there is no gain or loss is recognized, select $"$No gain or loss".

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