Problem 6-53 (Algorithmic) (LO. 3)

For each of the following independent transactions, calculate the recognized gain or loss to the seller and the adjusted basis to the buyer.

If an amount is zero, enter "0".

Seller's Recognized Gain/Loss Buyer's Adjusted Basisa.Kiera sells Parchment, Inc. stock (adjusted basis $36,500) to Phillip, her brother, for its fair market value of $10,000.Recognized gainRecognized lossRecognized gain$fill in the blank 2 $fill in the blank 3b.Darnell sells land (adjusted basis $68,600) to his nephew, Boyd, for its fair market value of $36,200.Recognized gainRecognized lossRecognized gain$fill in the blank 5 $fill in the blank 6c.Susan sells a tax-exempt bond (adjusted basis $37,900) to her wholly owned corporation for its fair market value of $16,900.Recognized gainRecognized lossRecognized gain$fill in the blank 8 $fill in the blank 9d.Sinbad sells a business truck (adjusted basis $13,200) that he uses in his sole proprietorship to his cousin, Agnes, for its fair market value of $4,700.Recognized gainRecognized lossRecognized gain$fill in the blank 11 $fill in the blank 12e.Martha sells her partnership interest (adjusted basis $181,800) in Pearl Partnership to her adult daughter, Kim, for $248,900.Recognized gainRecognized lossRecognized gain$fill in the blank 14 $fill in the blank 15