George and Sons purchases some land and subdivides, it. They meet all the requirements of Section 1237. They begin selling their property in 2020. George and Sons sells six tracts of land to six different purchasers. The sales price of each lot is $40,000.00. Their basis in each lot is $20,000.00. The selling expenses were $10,000.00. a. What is the amount realized? (5 points) b. What is the realized and recognized gain or loss? (5 points) c. What is the nature of the gain? Explain. (5 points) d. Would your answer to part borc change if the last two tracts of land were adjacent and sold to one person? If so, how? (5 points)