Jacob owns land with an adjusted basis of $140,000 and a fair market value of $115,000. Determine the amount of realized and recognized gain or loss to the seller and the adjusted basis for the buyer for each of the following.

a. Jacob sells the land for $115,000 to a corporation in which he owns 60% of the stock.

b. Jacob sells the land for $115,000 to a partnership in which he has a capital and profits interest of 60%.