Problem $4-8($Algorithmic$)$

Sale of a Personal Residence $($LO $4\mathrm{.}6)$

Larry Gaines, a single taxpayer, age $42,$ sells his personal residence on November $12,2022,$ for $$236,400.$ He lived in the house for $7$ years. The expenses of the sale are $$16,548,$ and he has made capital improvements of $$7,092.$ Larry's cost basis in his residence is $$137,112.$ On November $30,2022,$ Larry purchases and occupies a new residence at a cost of $$295,500.$

Calculate Larry's realized gain, recognized gain, and the adjusted basis of his new residence.

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

a$.$ Realized gain

b$.$ Recognized gain

c$.$ Adjusted basis of new residence