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What are the widow realized and recognized gain or loss

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Question - On February 1, 2017, a 39-year-old widow buys a new residence for $160,000. Three months later, she sells her old residence for $324,000 (adjusted basis of $126,000). Selling expenses totaled $22,000. She lived in the old house for 15 years. (If no gain or loss is recognized, select "No gain/loss".)

1. What are the widow's realized and recognized gain or loss?

2. What is her basis in the new residence?

Reference no: EM132272084

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