Avery and Quinn are sisters. This year, Avery sold marketable securities with a $77,300 basis to Quinn.

(a) Compute Avery's realized and recognized gain or loss if she received $64,200 for the securities. (2 points) Two years later, Quinn sold these same marketable securities to John, an unrelated party.

(b) Compute Quinns realized and recognized gain or loss assuming that her amount realized on the sale was $80,000.