For each of the following independent transactions, calculate the recognized gain or loss to the seller and the adjusted basis to the buyer. If an amount is zero, enter "0". Seller's Recognized Gain/Loss a. Kiera sells Parchment, Inc. stock (adjusted basis Recognized loss $17,000) to Phillip, her brother, for its fair b. c d. market value of $12,000. Darnell sells land (adjusted basis $85,000) to his Recognized loss nephew, Boyd, for its fair market value of $70,000. Susan sells a tax-exempt bond (adjusted basis $20,000) to her wholly owned corporation for its fair market value of $19,000. Sinbad sells a business truck (adjusted basis $20,000) that he uses in his sole proprietorship to his cousin, Agnes, for its fair market value of $18,500. Martha sells her partnership interest (adjusted basis $175,000) in Pearl Partnership to her adult daughter, Kim, for $220,000. Recognized loss Recognized loss Recognized gain Check My Work All work saved. Buyer's Adjusted Basis 00006 12,000 Save and Exit Previous Submit Assignment for C