For each of the dispositions of assets discussed below, determine the amount of gain or loss realized and the amount of gain or loss recognized. LIST OF DISPOSITIONS OF ASSETS SITUATIONS REQUIRING CALCULATIONS OF REALIZED AND RECOGNIZED GAINS AND LOSSES (a) On October 1, Rufus Partnership sells land to Gerald for which it had paid $32,000. Gerald agrees to pay Rufus $15,000 and to assume Rufus's $13,000 mortgage on the land. In addition, Gerald agrees to pay the $1,000 in property taxes on the land for the entire year. (b) Carrie sells stock to her brother Ralph for $4,000 that had cost her $9,000. Several years later, Ralph sells the stock for $13,000. Determine the gains or losses for each person. (c) Jill wants to refurnish her new home. As part of her refurnishing plan, she sells all her old living room furniture for $1,800. It originally cost her $4,200. She uses the $1,800 as a down payment on new furniture costing $6,000. Upon obtaining a job in New City, Gary sells his house for $130,000. He pays selling expenses of $12,000. Gary paid $60,000 for the house. He added a den at a cost of $22,000 and a swimming pool costing $16,000. (d)