Question: Exercise 21-22 (Algorithmic) (LO. 12, 17) Heather sells land (adjusted basis, $269,000; fair market value, $349,700) to a partnership in which she controls an 80%

Exercise 21-22 (Algorithmic) (LO. 12, 17) Heather sells land (adjusted basis, $269,000; fair market value, $349,700) to a partnership in which she controls an 80% capital interest. The partnership pays her only $188,300 for the land. If an amount is zero, enter "0". a. How much loss does Heather realize and recognize? Realized loss: $fill in the blank 66c1b4013041fa9_1 0 Recognized loss: $fill in the blank 66c1b4013041fa9_2 0 Feedback Certain transactions between a partner and the partnership are treated as if the partner were an outsider, dealing with the partnership at arm's length. Loan transactions, rental payments, and sales of property between the partner and the partnership are generally treated in this manner. b. If the partnership later sells the land to a third party for $295,900, how much gain does that partnership realize and recognize? Realized gain: $fill in the blank 07d49fffcfc2011_1 0 Recognized gain: $fill in the blank 07d49fffcfc2011_2 0

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