Adjusted Basis For New Residence 540814

On July 1, 2013, Ted, age73 and single, sells his personal residence of his 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, 2013, Ted purchases and occupies a new residence at a cost of $175,000. Calculate Ted’s realized gain, recognized gain, and the adjusted basis for his new residence.