LO $3,4$ Sheila sells land to Elaine, her sister, for the fair market value of $$40,000.$ Six months later when the land is worth $$45,000,$ Elaine gives it to Jacob, her son. $($No gift tax resulted.$)$ Shortly thereafter, Jacob sells the land for $$48,000.$

a$.$ Assuming that Sheila's adjusted basis for the land is $$24,000,$ what are Sheila's and Jacob's recognized gain or loss on the sales?

b$.$ Assuming that Sheila's adjusted basis for the land is $$60,000,$ what are Sheila's and Jacob's recognized gain or loss on the sales?