**NEED HELP WITH PART B AND C!!**

Liam owns a personal use boat that has a fair market value of $35,000 and an adjusted basis of $45,000. Liam's AGI is $100,000. Calculate the realized and recognized gain or loss assuming the boat is disposed of under the following independent scenarios: If an amount is zero, enter "0". a. Liam sells the boat for $35,000. The realized loss is $ -10,000 and the recognized loss is $ o v Feedback Check My Work The following questions are considered with respect to the sale or other disposition of property: Is there a realized gain or loss? If so, is the gain or loss recognized? If the gain or loss is recognized, is it ordinary or capital? What is the basis of any replacement property that is acquired? b. Liam exchanges the boat for another boat worth $35,000. The realized loss V is $ 0 X and the recognized loss is $ 0 Feedback Check My Work Partially correct C. The boat is stolen and Liam receives insurance proceeds of $35,000. Liam's realized loss is $ 35,000 X and the recognized loss is $ 0 v. Feedback Check My Work Partially correct d. Liam sells the boat. The fair market value and the selling price of the boat were $48,000. Liam's realized gain is $ 3,000 and the recognized gain v is $ 3,000 Feedback Check My Work Correct Feedback * Check My Work Partially correct