Question: Exercise 10-26 (Algorithmic) (LO. 14) Heather sells land (adjusted basis, $197,600; fair market value, $256,880) to a partnership in which she controls an 80% capital

Exercise 10-26 (Algorithmic) (LO. 14) Heather sells land (adjusted basis, $197,600; fair market value, $256,880) to a partnership in which she controls an 80% capital interest. The partnership pays her only $138,320 for the land. If an amount is zero, enter "0". a. How much loss does Heather realize and recognize? Realized loss: $ Recognized loss: $ b. If the partnership later sells the land to a third party for $217,360, how much gain does that partnership realize and recognize? Realized gain: $ Recognized gain

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