Lisa sells business property with an adjusted basis of $152,700 to her son, Alfred, for its fair market value of $122,160.

If an amount is zero, enter "0".

a. What is Lisa's realized and recognized gain or loss?

Lisa has a $__________realized loss of which $_________ is recognized

b. What is Alfred's recognized gain or loss if he subsequently sells the property for $167,970? For $99,255?

If Alfred sells the property for $167,970, he has a recognized gain of $_______

If Alfred sells the property for $99,255, he has a recognized loss of $________