Question - On July 1, 2014, Ted, age 73 and single, sells his personal residence of the last 30 years for $ 365,000. T ed's basis in his residence is $35,000. The expenses associated with the sale of his home total $20,000. On December 15, 2014, Ted purchases and occupies a new residence at a cost of $175,000. Calculate Ted's realizes gain, recognized gain, and the adjusted basis of his new residence?