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Louis owns three pieces of land with an adjusted basis as follows: parcel A, $75,000; parcel...

Louis owns three pieces of land with an adjusted basis as follows: parcel A, $75,000; parcel B, $125,000; and parcel C, $175,000. Louis sells parcel A to his uncle for $50,000, parcel B to his partner for $120,000, and parcel C to his mother for $150,000.

If an amount is zero, enter "0".

a. What is the recognized gain or loss from the sale of each parcel?

The recognized loss of Parcel A is $.

The recognized loss of Parcel B is $.

The recognized loss of Parcel C is $.

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In certain cases, a realized gain or loss is not recognized upon the sale or other disposition of property.

b. If Louis's uncle eventually sells his land for $90,000, his recognized gain will be $.

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Correct

c. If Louis's partner eventually sells his land for $130,000, his recognized gain will be $.

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d. If Louis's mother eventually sells her land for $165,000, her recognized gain will be $.

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