Exercise 21-22 (Algorithmic) (LO. 12, 17) Heather sells land (adjusted basis, $294,200; fair market value, $382,460) to a partnership in which she controls an 80% capital interest. The partnership pays her only $205,940 for the land. If an amount is zero, enter "0". a. How much loss does Heather realize and recognize? Realized loss: $ Recognized loss: 0 Feedback Check My Work Certain transactions between a partner and the partnership are treated as if the partner were a arm's length. Certain sales of property are subject to special rules. b. If the partnership later sells the land to a third party for $323,620, how much gain does that partnership realize and recognize? Realized gain: $ Recognized gain: 0X