Yancy's personal residence is condemned as part of an urban renewal project. His adjusted basis for the residence is $480,000. He receives condemnation proceeds of $460,000 and invests the proceeds in stocks and bonds. Calculate Yancy's realized and recognized gain or loss. If the condemnation proceeds are $505,000, what are Yancy's realized and recognized gain or loss? What are Yancy's realized and recognized gain or loss in if the house was rental property