U. II Usuar instead had received proceeds of $525,000, how much gain would be excluded and recognized? How much of a replacement residence would have to be purchased in order to exclude or defer all gain realized? ( 28. Carl Carter had purchased a residence on January 12, 2018, for $165,000 and then sold it on April 12, 2019, for $440,000 because of severe health problems. a. How much gain can Carl exclude and how much must he recognize? b. If Carl instead sold the home for $300,000, how much could Carl exclude and how much must he recognize? 29. Which of the following exchanges qualify a: like-kind exchanges? a. Unimproved land for warehouse b. Factory for apartment building c. Computer for small building