Heather sells land (adjusted basis, $75,000; fair market value, $85,000) to a partnership in which she controls an 80% capital interest. The partnership pays her only $50,000 for the land.\ \ If an amount is zero, enter "0".\ \ Question Content Area\ a. How much loss does Heather realize and recognize?\ Realized loss: $fill in the blank 161640ff4029fe5_1\ 25,000\ \ Recognized loss: $fill in the blank 161640ff4029fe5_2\ 0\ \ Feedback Area\ Feedback\ Certain transactions between a partner and the partnership are treated as if the partner were an outsider, dealing with the partnership at arm's length. Certain sales of property are subject to special rules.\ \ Question Content Area\ b. If the partnership later sells the land to a third party for $80,000, how much gain does that partnership realize and recognize?\ The partnership later sells the land to a third party for $80,000.\ Realized gain: $fill in the blank a1756e028f9e028_1\ 500\ \ Recognized gain: $fill in the blank a1756e028f9e028_2\ 0\ \ Feedback Area\ Feedback