Hamid sold land with an adjusted basis of $60,000 to his nephew, Yusef, for its fair market value of $50,000. Yusef later sells the land to an unrelated party for $55,000. What is Hamids recognized loss upon his sale to Yusef? What is Yusefs recognized gain or loss upon the subsequent sale? Hamids Recognized Loss Yusefs Recognized Gain or Loss $10,000 $5,000 gain $0 $5,000 loss $10,000 $0 $0 $0