Problem 13-49 (Algorithmic) (LO. 1, 2) Yancy's personal residence is condemned as part of an urban renewal project. His adjusted basis for the residence is $793,000. He receives condemnation proceeds of $753,350 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. Yancy's realized loss is $1 , and Yancy's recognized loss is $ Feedback Check My Work The following questions are considered with respect to the sale or other disposition of property: Is there a realized gain or loss? If so, is the gain or loss recognized? If the gain or loss is recognized, is it ordinary or capital? What is the basis of any replacement property that is acquired? b. If the condemnation proceeds are $828,685, what are Yancy's realized and recognized gain or loss? Yancy's realized gain is and Yancy's recognized gain is $ Feedback Check My Work Partially correct c. Assume the house is rental property. Yancy's adjusted basis is $793,000 and he receives condemnation proceeds of $753,350 and invests the proceeds in stock. What are Yancy's realized and recognized gain or loss? Yancy's realized loss is $1 and Yancy's recognized loss is $