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What is the recognized gain and the adjusted basis

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Question - Mariah and Carey, a married couple, decided to sell their residence, which had a basis of $210,000. They had owned and occupied the residence for 18 years. They sold the house in April for $880,000. Broker's commissions and other selling expenses amounted to $60,000. They purchased a new residence in August for $350,000. What is the recognized gain and the adjusted basis of the new residence?

a. $30,000 and $350,000

b. $110,000 and $350,000

c. $500,000 and $110,000

d. $610,000 and $350,000

Reference no: EM133029649

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