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". b. Seller's Recognized Gain/Loss Kiera sells Parchment, Inc. stock (adjusted basis $17,000) to Phillip, her brother, for its Recognized loss fair market value of $12,000. Darnell sells land (adjusted basis $85,000) to Recognized loss his nephew, Boyd, for its fair market value of $70,000. 15,000 Buyer's Adjusted Basis 12,000 70,000 C. Susan sells a tax-exempt bond (adjusted Recognized loss 1,000 X 19,000 basis $20,000) to her wholly owned corporation for its fair market value of $19,000. d. Sinbad sells a business truck (adjusted basis Recognized loss $20,000) that he uses in his sole 1,500 18,500 proprietorship to his cousin, Agnes, for its fair market value of $18,500. Martha sells her partnership interest Recognized gain 45,000 175,000 x (adjusted basis $175,000) in Pearl Partnership to her adult daughter, Kim, for $220,000. Check My Work Previous