Lisa sells business property with an adjusted basis of $161,900 to her son, Alfred, for its fair market value of $129,520.

If an amount is zero, enter "0".

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

Lisa has a $fill in the blank 1 realized

loss

of which $fill in the blank 3 is recognized.

b. What is Alfred's recognized gain or loss if he subsequently sells the property for $178,090? For $105,235?

If Alfred sells the property for $178,090, he has a recognized

of $fill in the blank 5.

If Alfred sells the property for $105,235, he has a recognized

of $fill in the blank 7.