During the current year, CVI Corporation sells a tract of land for $75,000. The sale is made to Sandi, CVI Corporation’s sole shareholder. CVI Corporation originally purchased the land five years earlier for $98,000.
a. What is the amount of gain or loss that CVI Corporation will recognize on the sale during the current year?

b. Assume that in the following year, Sandi sells the land for $85,000. What is the amount of gain or loss Sandi will recognize? What are the tax consequences to CVI Corporation upon the subsequent sale by Sandi?
c. Assume that in the following year, Sandi sells the land for $70,000. What is the amount of gain or loss Sandi will recognize?
d. Assume that in the following year, Sandi sells the land for $105,000. What is the amount of gain or loss Sandi will recognize?