Lisa sells business property with an adjusted basis of $168,800 to her son, Alfred, for its fair market value of $135,040.

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 $185,680? For $109,720?

If Alfred sells the property for $185,680, he has a recognized gain of $--------------.

If Alfred sells the property for $109,720, he has a recognized loss of $--------------.