Lisa sells business property with an adjusted basis of $$242,400$ to her son, Alfred, for its fair market value of $$193,920.$

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

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 $$266,640?$ For $$157,560?$

If Alfred sells the property for $$266,640,$ he has a recognized

of $fill in the blank $5$

$.$

If Alfred sells the property for $$157,560,$ he has a recognized

of $fill in the blank $7$

$.$