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  3. 2. kitty, who is single, sells her principal resid

2. Kitty, who is single, sells her principal residence, which she has owned and occupied...

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Accounting

2. Kitty, who is single, sells her principal residence, which she has owned and occupied for 8 years, for $375,000. The adjusted basis is $64,000 and selling expenses are $22,000. She purchases another principal residence three months later for $200,000.

a. What is Kittys recognized gain/loss, if any, on the sale of her old principal residence?

b. What is Kittys basis in her new principal residence?

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