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Wesley, who is single, listed his personal residence with a real estate agent on March 3,2022 , at a price of $390,000. He rejected several

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Wesley, who is single, listed his personal residence with a real estate agent on March 3,2022 , at a price of $390,000. He rejected several offers in the $350,000 range during the summer. Finally, on August 16, 2022, he and the purchaser signed a contract to sell for $363,000. The sale (i.e., closing) took place on September 7, 2022. The closing statement showed the following disbursements: Wesley's adjusted basis for the house is $200,000. He owned and occupied the house for seven years. On October 1, 2022, Wesley purchases another residence for $325,000. If an amount is zero, enter " 0 ", a. Calculate Wesley's recognized gain on the sale. b. What is Wesley's adjusted basis for the new residence? c. Assume instead that the selling price is $800,000. What is Wosley's recognized gain? His adjusted basis for the new residence? Wesley's adjusted basis for the house is $200,000. He ontied and occupied the house for seven years, On October 1, 2022, Wesley purchases another residence for $325,000. If an amount is zero, enter " 0 ". a. Calculate Wesley's recognized gain on the sale. 1 b. What is Wesley's adjusted basis for the new residence? 1 c. Assume instead that the selling price is $800,000. What is Wesley's recognized gain? His adjusted basis for the new residence? Wesley's recognized gain is : , and his adjusted basis for the new residence is 9

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