Dr. and Mrs. Spankle purchased a residence on January 12, 2011, for $250,000. On May 15, 2015, they sold the residence for $360,000, and paid selling expenses of $18,000. They purchased a new home for $354,000. Determine the Spankles' realized and recognized gain.

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The Answer of Dr. and Mrs. Spankle purchased a residence on January 12, 2011, for $250,000. On May 15, 2015, they sold the residence for $360,000, and paid selling expenses of $18,000. They purchased a new home for $354,000. Determine the Spankles' realized and recognized gain.

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