I need help filing a tax return. Here is the prompt:Jim Sarowski $($SSN $000-00-2222)$ is $70$ years old and single. He received Social Security ben$-$efits of $$16,000.$ He works part$-$time as a greeter at a local discount store and received wages

of $$7,300.$ Federal income taxes of $$250$ were withheld from his salary. Jim lives at Rt$.7$ in

Daingerfield, Texas, and he had no transactions involving virtual currency during the year.

In March of $2023,$ he purchased a duplex at $2006$ Tennessee Street to use as rental

property for $$100,000,$ with $20\%$ of the price allocated to land. During the year, he had

the following receipts and expenditures with respect to the duplex:

Rent receipts $$8,800$

Interest paid $5,900$

Property taxes $1,400$

Insurance $800$

Maintenance $300$

Other expenditures during the year:

Personal property taxes $225$

Sales tax $345$

On July $24,$ he exchanged ten acres of land for a car with a $$16,500$ FMV to be held for

personal use. The land was purchased on November $22,1996,$ for $$18,000$ as an invest$-$ment. Because of pollution problems in the area, the value of the land declined.On December $1,$ he sold his residence, which had been his home for $30$ years, for

$$475,000.$ Sales commissions of $$16,000$ were paid, and the adjusted basis for his home

is $$110,000.$ He plans to rent an apartment and does not plan to purchase another home.

His only other sale of a principal residence occurred $32$ years ago.

a$.$ Determine the amount of recognized gain on the sale of the residence.

b$.$ Prepare Forms $4562$ and $1040,$ including Schedules D and E$.$