E Homework: Unit 3 Lab Assignment 2 Question 4, PC:2-39 (similar to) Part 1 of 3 Sofia transfers land (a capital asset) having a(n) 570.000 adjusted basis to Teagan Corporation in a Sec. 351 exchange. In return, Sofia receives the following consideration: (Click the icon to view the consideration.) Read the requirements GOD Requirement a. What are the amount and character of Sofia's recognized gain or loss? Complete the table to determine the amount and character of Sofia's recognized gain or loss for the land transferred. Total proceeds Minus: Adjusted basis Realized gain (loss) Boot received Recognized gain (loss) Character of gain or loss E Homework: Unit 3 Lab Assignment 2 Question 4, PC:2-39 (similar to) Part 1 of 3 Sofia transfers land (a capital asset) having a(n) 570.000 adjusted basis to Teagan Corporation in a Sec. 351 exchange. In return, Sofia receives the following consideration: (Click the icon to view the consideration.) Read the requirements GOD Requirement a. What are the amount and character of Sofia's recognized gain or loss? Complete the table to determine the amount and character of Sofia's recognized gain or loss for the land transferred. Total proceeds Minus: Adjusted basis Realized gain (loss) Boot received Recognized gain (loss) Character of gain or loss