Yancy's personal residence is condemned as part of an urban renewal project. His adjusted basis for the residence is $665,400. He receives condemnation proceeds of $632,130 and invests the proceeds in stocks and bonds.

If an amount is zero, enter "0".

a. Calculate Yancy's realized and recognized gain or loss.

Yancy's realized (gain or loss) is $........., and Yancy's recognized (gain or loss) is $...........

b. If the condemnation proceeds are $695,343, what are Yancy's realized and recognized gain or loss?

Yancy's realized (gain or loss) is $..........., and Yancy's recognized (gain or loss) is $...........

c. Assume the house is rental property. Yancy's adjusted basis is $665,400 and he receives condemnation proceeds of $632,130 and invests the proceeds in stock. What are Yancy's realized and recognized gain or loss?

Yancy's realized (gain or loss) is $........., and Yancy's recognized (gain or loss) is $...........