1 Amount Realized, Realized Gain or Loss. (Obij. 1) Jamie sells land that has a $60,000 mortgage. In return for the land, Jamie receives cash of $40,000 and stock with an FMV of $30,000. The buyer also assumes the mortgage. Jamie's adjusted basis in the land is $80,000. What is Jamie's amount realized? a. b. What is Jamie's realized gain or loss? How would your answers to Parts a. and b. change if the buyer had not assumed the mortgage but instead had paid Jamie an additional $60,000 to pay off the mortgage? C