eBook Calculator Problem 7-11 (Algorithmic) (LO. 1, 2, 6) Yancy's personal residence is condemned as part of an urban renewal project. His adjusted basis for the residence is $427,600. He receives condemnation proceeds of $406,220 and invests the proceeds in stocks and bonds. If an amount is zero, enter "O". a. Calculate Yancy's realized and recognized gain or loss. is $ Yancy's realized is $ and Yancy's recognized b. If the condemnation proceeds are $446,842, what are Yancy's realized and recognized gain or loss? is $ and Yancy's recognized Yancy's realized is $ C. Assume the house is rental property. Yancy's adjusted basis is $427,600 and he receives condemnation proceeds of $406,220 and invests the proceeds in stock. What are Yancy's realized and recognized gain or loss? is $ is $ and Yancy's recognized Yancy's realized Previous Next