Indicate the realized income/loss and recognized taxable income/loss in each of the situations. Dollar signs, cents, comas are not necessary. If the amount is a LOSS indicate this by placing the amount in BRACKETS Description 1. Sherry sells land to her brother, Paul for $60,000. The land had an adjusted bases to Sherry of $55,000. 2. Jim sells stock to his niece for a total of $50,000. Jim's adjusted basis in the stock was $75,000. Realized Income or Loss Taxable Income or Loss 3. Paul sells a tax- exempt bond with a basis of $100,000 to the corporation (in which she owns 65% of the stock) for $95,000.