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. On October 1, Rufus Partnership sells land to Gerald for which it had paid $32,000. Gerald agrees to pay Rufus $15,000 and to assume Rufus's $13,000 mortgage on the land. In addition, Gerald agrees to pay $1,000 in property taxes on the land for the entire year.
b. Carrie sells to her brother Dolph for $4,000 stock that had cost her $9,000. Several years later, Dolph sells the stock for $13,000.
c. Jill wants to refurnish her new home. As part of her refurnishing plan, she sells all her old living room furniture for $1,800; it had cost her $4,200. She uses the $1,800 as a down payment on new furniture costing $6,000.
d. Upon obtaining a job in New City, Gary sells his house for $130,000. He pays selling expenses of $12,000. Gary had paid $60,000 for the house and had added a den at a cost of $22,000 and a swimming pool costing $16,000.