Question: Problem 7-11 (Algorithmic) (LO. 1, 2, 4, 6) Yancy's personal residence is condemned as part of an urban renewal project. His adjusted basis for

Problem 7-11 (Algorithmic) (LO. 1, 2, 4, 6) Yancy's personal residence is

Problem 7-11 (Algorithmic) (LO. 1, 2, 4, 6) Yancy's personal residence is condemned as part of an urban renewal project. His adjusted basis for the residence is $561,000. He receives condemnation proceeds of $532,950 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 b. If the condemnation proceeds are $586,245, what are Yancy's realized and recognized gain or loss? Yancy's realized is $ , and Yancy's recognized is $ is $ c. Assume the house is rental property. Yancy's adjusted basis is $561,000 and he receives condemnation proceeds of $532,950 and invests the proceeds in stock. What are Yancy's realized and recognized gain or loss? Yancy's realized is $ , and Yancy's recognized is $

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