LO.2 Daniela Fletcher owns undeveloped land (adjusted basis of $80,000 and fair market value of $92,000) on the East Coast. On January 4, 2023, she exchanges it with Lisa Martin (an unrelated party) for undeveloped land on the West Coast and $3,000 cash. Lisa has an adjusted basis of $72,000 for her land, and its fair market value is $89,000. Because the real estate market on the East Coast is thriving, on September 1, 2024, Lisa sells the land she acquired for $120,000. a. What are Daniela's recognized gain or loss and adjusted basis for the West Coast land on January 4, 2023? b. What are Lisa's recognized gain or loss and adjusted basis for the East Coast land on January 4, 2023? C. What is Lisa's recognized gain or loss from the September 1, 2024 sale? d. What effect does Lisa's 2024 sale have on Daniela? Write a letter to Daniela advising her of the Federal income tax consequences of this exchange. Her address is The Corral, El Paso, TX 79968.