Heather sells land (adjusted basis, $243,800; fair market value, $316,940) to a partnership in which she controls an 80% capital interest. The partnership pays her only $170,660 for the land. If an amount is zero, enter "O". a. How much loss does Heather realize and recognize? Realized loss: $ Recognized loss: b. If the partnership later sells the land to a third party for $268,180, how much gain does that partnership realize and recognize? Realized gain: $ Recognized gain: Franco owns a 60% interest in the Dulera LLC. On December 31 of the current tax year, his basis in the LLC interest is $263,000. The fair market value of the interest is $289,300. In a proportionate current distribution, the LLC distributes $52,600 cash and equipment with an adjusted basis of $131,500 and a fair market value of $197,250 to him on that date. How much is Franco's adjusted basis in the LLC interest after the distribution, and what is the amount of his basis in the equipment received? Franco's adjusted basis in the LLC interest: Franco's basis in the equipment: $