Question: Exercise 10-28 (Algorithmic) (LO. 13) Heather sells land (adjusted basis, $113,600; fair market value, $147,680) to a partnership in which she controls an 80% capital

Exercise 10-28 (Algorithmic) (LO. 13) Heather sells land (adjusted basis, $113,600; fair market value, $147,680) to a partnership in which she controls an 80% capital interest. The partnership pays her only $79,520 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 $124,960, how much gain does that partnership realize and recognize? Realized gain: Recognized gain

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