Problem $14-36($Algorithmic$)($LO$.1,2)$

Yancy's personal residence is condemned as part of an urban renewal project. His adjusted basis for the residence is $$735,000.$ He receives

condemnation proceeds of $$698,250$ and invests the proceeds in stocks and bonds.

If an amount is zero, enter $"0".$

a$.$ Calculate Yancy's realized and recognized gain or loss.

Yancy's realized

$$ is $

$,$ and Yancy's recognized

$$ is $

$.$

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b$.$ If the condemnation proceeds are $$768,075,$ what are Yancy's realized and recognized gain or loss?

Yancy's realized

$$ is $q$

$,$ and Yancy's recognized

$$ is $

$x.$