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Problem 4-8(Algorithmic) Sale of a Personal Residence (LO 4.6) Larry Gaines,...

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Accounting

Problem 4-8(Algorithmic)
Sale of a Personal Residence (LO 4.6)
Larry Gaines, a single taxpayer, age 42, sells his personal residence on November 12,2023, for $236,400. He lived in the house for 7 years. The expenses of the sale are $16,548, and he has made capital improvements of $7,092. Larry's cost basis in his residence is $137,112. On November 30,2023, Larry purchases and occupies a new residence at a cost of $295,500.
Calculate Larry's realized gain, recognized gain, and the adjusted basis of his new residence.
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