Yancy's personal residence is condemned as part of an urban renewal project. His adjusted basis for the residence is $480,000. He receives condemnation proceeds of $460,000 and invests the proceeds in stocks and bonds.
A) calculate yancy's realized and recognized gain or loss.
B) if the condemnation proceeds are $505,000, what are yancy's realized and recognized gain or loss?
C) what are yancy's realized and recognized gain or loss in (a) if the house was rental property?