13-78 (LO. 7) Albert owns 100 acres of land on which he grows spruce trees. His adjusted basis for the land is $100,000. He receives condemnation proceeds of $10,000 when the city's new beltway takes 5 acres along the eastern boundary of his property. He also receives a severance award of $6,000 associated with the possible harmful effects of exhaust fumes on his trees. Albert invests the $16,000 in a growth mutual fund. a. Determine the tax consequences to Albert of the condemnation proceeds. Albert has a $ realized is recognized. of which $ b. Determine the tax consequences to Albert of the severance award. The severance award the basis of Albert's remaining property. His adjusted basis for the remaining property is $