Liam owns a personal use boat that has a fair market value of $ 35,000 and an adjusted basis of $ 45,000 . Liam 's AGI is $ 100,000 . Calculate the realized and recognized gain or loss if : a. Liam sells the boat for $ 35,000. b) liam exchanges the boat for another boat worth $35,000 c) The boat is stolen and liam receives insurance proceeds of 35000 d) would your answer in part(a) change if the fmv and the selling price of the boat were $48,000?\