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I need help with this probelm. I have what I think to be the answers but I am not sure.
On July 1, 2014, Ted, age 73 and single, sells his personal residence of the last 30 years for $365,000. Ted's basis in his residence is $35,000. The expenses associated with the sale of his home total $20,000. On December 15, 2014, Ted purchases and occupies a new residence at a cost of $175,000. Calculate Ted's realized gain, recognized gain, and the adjusted basis of his new residence.
a. Realized gain $310,000 ($365,000
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