eBook progress=false Calculator Print Item Exercise 21-22 (Algorithmic) (LO. 12, 17) Heather sells land (adjusted basis, $243,800; fair market value, $316,990) to a partnership in which she controls an 80% capital interest. The partnership pays her only $170,660 for the land. If an amount is zero, enter "o". a. How much loss does Heather realize and recognize? Realized loss: Recognized loss b. If the partnership later sells the land to a third party for $268,180, how much gain does that partnership realize and recognize? Realized gain: Recognized gain