Question: Heather sells land ( adjusted basis, $ 2 9 8 , 4 0 0 ; fair market value, $ 3 8 7 , 9 2

Heather sells land (adjusted basis, $298,400; fair market value, $387,920) to a partnership in which she controls an 80% capital interest. The partnership pays her only $208,880 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 $328,240, how much gain does that partnership realize and recognize?
Realized gain: $______
Recognized gain: $______
Heather sells land (adjusted basis, $298,400; fair market value, $387,920) to

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