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Calculate the adjusted basis of his new residence

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Question - On July 1, 2012, Ted, age 73 and single, sells his personal residence of the last 30 years for $365,000. Ted's basis in his residence is $35,000. The expenses associated with the sale of his home total $20,000. On December 15, 2012, Ted purchases and occupies a new residence at a cost of $175,000. Calculate the following:

(a) realized gain

(b) recognized gain

(c) the adjusted basis of his new residence

Reference no: EM131875655

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