For three years, Sapphire Corporation has been owned equally by Andrea and Barry. Andrea and Barry have $25,000 and $9,000 adjusted bases, respectively, in their Sapphire stock. Andrea receives a $17,000 cash liquidating distribution in exchange for her Sapphire stock. Barry receives as a liquidating distribution a parcel of land having a $56.000 FMV and subject to a $41.000 mortgage, which he assumes, and $2.000 of cash in exchange for his Sapphire stock. . Requirement a. What are the amount and character of each shareholder's gain or loss? Begin by identifying the formula to calculate the gain or loss recognized be each shareholder. Gain (loss) recognized Now determine the amount and character of each shareholder's gain or loss. (Assume Sec. 1244 does not apply.) Gain or loss recognized Shareholder Amount Character Andrea Barry Requirement b. What is each shareholder's basis for the property received in the liquidation? Select the property distributed to Andrea and enter her basis for each property received. (If an input field is not used in the table leave the field empty, do not select a lable or enter a zero.) Property received - Andrea Basis For three years, Sapphire Corporation has been owned equally by Andrea and Barry. Andrea and Barry have $25,000 and $9,000 adjusted bases, respectively, in their Sapphire stock. Andrea receives a $17,000 cash liquidating distribution in exchange for her Sapphire stock. Barry receives as a liquidating distribution a parcel of land having a $56,000 FMV and subject to a $41,000 mortgage, which he assumes, and $2,000 of cash in exchange for his Sapphire stock. Read the requirements Barry Requirement b. What is each shareholder's basis for the property received in the liquidation? Select the property distributed to Andrea and enter her basis for each property received. (If an input field is not used in the table leave the field empty, do not select a lable or enter a zero.) Property received - Andrea Basis Select the property distributed to Barry and enter his basis for each property received. (If an input field is not used in the table leave the field empty, do not select a lable or enter a zero.) Property received - Barry Basis