Exercise $9-26($Algorithmic$)($LO$.14)$

Heather sells land $($adjusted basis, $\backslash (\backslash$$ $101,000\backslash )$; fair market value, $\backslash (\backslash$$ $131,300\backslash ))$ to a partnership in which she controls an $\backslash (80\backslash \%\backslash )$ capital interest. The partnership pays her only $\backslash$$$70,700$ for the land.

If an amount is zero, enter $"0".$

a$.$ How much loss does Heather realize and recognize?

Realized loss: $\backslash (\backslash$$ $\backslash )$

Recognized loss: $\backslash (\backslash$$ $\backslash )$

b$.$ If the partnership later sells the land to a third party for $\backslash (\backslash$$ $111,100\backslash ),$ how much gain does that partnership realize and recognize?

Realized gain: $\backslash (\backslash$$ $\backslash )$

Recognized gain: $\backslash (\backslash$$ $\backslash )$