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Lisa sells business property with an adjusted basis of $152,700 to her son, Alfred, for its...

Lisa sells business property with an adjusted basis of $152,700 to her son, Alfred, for its fair market value of $122,160.

If an amount is zero, enter "0".

a. What is Lisa's realized and recognized gain or loss?

Lisa has a $..............fill in the blank 1 realized loss of which $...........fill in the blank 3 is recognized.

b. What is Alfred's recognized gain or loss if he subsequently sells the property for $167,970? For $99,255?

If Alfred sells the property for $167,970, he has a recognized gain  of $..........fill in the blank 5.

If Alfred sells the property for $99,255, he has a recognized loss  of $..............fill in the blank 7.

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