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
Level of Detail: Show all work
Other Requirements: I need response asap. Thank you.