Lisa sells business property with an adjusted basis of $$138,900$ to her son, Alfred, for its fair market value of $$111,120.$

If an amount is zero, enter $"0".$

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

Lisa has a $ $$ realized $$ of which $$ is recognized.

b$.$ What is Alfred's recognized gain or loss if he subsequently sells the property for $$152,790?$ For $$90,285?$

If Alfred sells the property for $$152,790,$ he has a recognized $$ of : $.$

If Alfred sells the property for $$90,285,$ he has a recognized $$ of $ $$