On February 1, 2021, Mariah buys a new residence for $157,500. Three months later, she sells...

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On February 1, 2021, Mariah buys a new residence for $157,500. Three months later, she sells her old residence for $320,500 (adjusted basis of $124,500). Selling expenses totaled $21,750. She lived in the old house for 15 years. Required: a. What are Mariah's realized and recognized gain or loss? Note: If there is no gain or loss is recognized, select "No gain or loss". b. What is her basis in the new residence? a. a. b. No gain or loss Realized gain Realized loss Recognized gain Amount On February 1, 2021, Mariah buys a new residence for $157,500. Three months later, she sells her old residence for $320,500 (adjusted basis of $124,500). Selling expenses totaled $21,750. She lived in the old house for 15 years. Required: a. What are Mariah's realized and recognized gain or loss? Note: If there is no gain or loss is recognized, select "No gain or loss". b. What is her basis in the new residence? a. a. b. Do of now residence No gain or loss Realized gain Realized loss Recognized gain Amount On February 1, 2021, Mariah buys a new residence for $157,500. Three months later, she sells her old residence for $320,500 (adjusted basis of $124,500). Selling expenses totaled $21,750. She lived in the old house for 15 years. Required: a. What are Mariah's realized and recognized gain or loss? Note: If there is no gain or loss is recognized, select "No gain or loss". b. What is her basis in the new residence? a. a. b. No gain or loss Realized gain Realized loss Recognized gain Amount On February 1, 2021, Mariah buys a new residence for $157,500. Three months later, she sells her old residence for $320,500 (adjusted basis of $124,500). Selling expenses totaled $21,750. She lived in the old house for 15 years. Required: a. What are Mariah's realized and recognized gain or loss? Note: If there is no gain or loss is recognized, select "No gain or loss". b. What is her basis in the new residence? a. a. b. Do of now residence No gain or loss Realized gain Realized loss Recognized gain Amount