8. (2 points) Gary, who is single, sells his current personal residence (A/B $165,000) for $450,000. He has owned and lived in the house for 35 years. His selling expenses are $20,000. Gary uses the proceeds from the sale to invest in a smaller home. He paid $200,000 for the new home. a. What is Gary's realized and recognized gain on the sale of his personal residence? b. What is Gary's A/B in the new home