There are three subparts to this question. Marc, age 45, sells his personal residence on May 15, 2011, for $180,000. He pays $8,000 in selling expenses and $900 in repair expenses to help sell the residence. He has lived there since 1980, when he purchased it for $55,000. In 1996, he paid $4,000 to install central air conditioning. If Marc buys a new principal residence in December of the current year for $162,000, what are (a) the realized gain, (b) the recognized gain, and (c) the basis for the new residence?