17-10 (Static) [LO 17-3, 17-5] Milt Payner purchased an automobile several years ago for $40,000 and has held it as a personal asset ever since. This year he sold the automobile. Assume the taxable year is 2021. Required: a. Compute Milt's recognized gain or loss on the sale if Milt's amount realized on sale was $28.300. b. Compute Milt's recognized gain or loss on the sale if Milt's amount realized on sale was $55,000. The automobile was a classic Thunderbird and was purchased by a vintage car collector in Boston. Complete this question by entering your answers in the tabs below. Required A Required B Compute Milt's recognized gain or loss on the sale if Milt's amount realized on sale was $28,300. (If the results of a transaction do not result in a gain or loss, select "No recognized gain or loss".)" Required A Required B >