Question: Indicate the answer choice that best completes the statement or answers the question. 4. The bank forecloses on Lisa's apartment complex. The property had been

Indicate the answer choice that best completes the statement or answers the question. 4. The bank forecloses on Lisa's apartment complex. The property had been pledged as security on a nonrecourse mortgage whose principal amount at the date of foreclosure is $750,000. The adjusted basis of the property is $480,000, and the fair market value is $730,000. What is Lisa's recognized gain or loss and discharge of debt income? a. $270,000 gain recognized and $20,000 discharge of indebtedness b. ($750,000) loss recognized and $0 discharge of indebtedness c. $0 gain and SO discharge of indebtedness d. (S480,000) loss recognized and $270,000 discharge of indebtedness e. None of a - d are correct 5. Ralph gives his daughter, Angela, stock (basis of $8,000; fair market value of $6,000). No gift tax results. If Angela subsequently sells the stock for $12,000, what is her recognized gain or loss? a. $0 b. $2,000 c. $4,000 d. $10,000 e. None of a-d are correct

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