Determine the amount of gain or loss realized and the amount of gain or loss to be recognized in each of the following dispositions:

a. Jorge owns 800 shares of Archer Company stock. He had purchased 300 of the shares for $9,000 and 500 of the shares for $10,000. During the current year, Jorge instructs his broker to sell 400 of the shares when their market value hits $29. He pays a $300 commission on the sale.

b. Alana owns 300 shares of Courtney common stock that had cost her $6,000. On February 1, she sells the 300 shares for $4,800 and pays a $300 commission on the sale. On February 19, Alana purchases 500 shares of Courtney common stock for $5,300 plus a $400 commission.

c. Janet goes to the local flea market on Saturday morning and purchases a painting for $20. Although she doesn't really want the painting, she feels that the frame alone is worth $20. When she returns home, she takes the old painting out of the frame and finds another painting hidden in the back. She takes the new painting to a local art dealer who tells her it is almost certainly a Pistachio and worth at least $20,000. Janet decides that she will wait a couple of years, get another expert's opinion, and see if she can sell the painting for more than $20,000.

d. Enrique owns some land that he is holding as an investment. A local developer wants to build a housing project on the north side of his land. The local utility company wants to run utility lines along the east side of Enrique's land. Enrique had paid $8,000 for the land but does not want to sell it yet because he thinks the housing project will greatly enhance its value. He agrees to accept $2,000 from the utility company for an easement to run its lines along the edge of his property. Enrique estimates that the lines will use up about 1/50 of his land.