LO 17-226. Will and Sandra Emmet were divorced this year. As part of the property settlement, Sandra transferred marketable securities to Will. Her basis in the securities was $89,800, and their FMV was $168,000. Four months after the divorce, Will sold the securities for $175,250 a. How much income does Will recognize on receipt of the securities from Sandra? b. How much gain does Will recognize on the sale of the securities? c. Does Sandra recognize any gain on the transfer of the securities to Will