Amna owns undeveloped and with an adjusted basis of $112,500. She sells the property to George for $146,250 Required: a. What is Amna's realized and recognized gain? Realized and recognized gain b. To what IRC section does the gain on the property apply? $ 1221 51231 $ 1245 S 1250 c. If the land is used in a trade or business, to what IRC section does the gain on the property apply? $ 1221 $ 1231 S 1245 $ 1250