Larry Gaines, age 42, sells his personal residence on November 12, 2012, for $144,000. He lived in the house for 7 years. The expenses of the sale are $10,500, and he has made capital improvements of $5,500. Larry's cost basis in his residence is $84,000. On November 30, 2012, Larry purchases and occupies a new residence at a cost of $148,000. Calculate Larry's realized gain, recognized gain, and the adjusted basis of his new residence.
a. Realized gain $_________
b. Recognized gain $_________
c. Adjusted basis of new residence $_________