Milt Payner purchased an automobile several years ago for $74,200 and has held it as a personal asset ever since. This year he sold the automobile. Assume the taxable year is 2022. Required: a. Compute Milt's recognized gain or loss on the sale if Milt's amount realized on sale was $58,800. b. Compute Milt's recognized gain or loss on the sale if Milt's amount realized on sale was $76,800. The automobile was a classic Thunderbird and was purchased by a vintage car collector in Boston. Complete this question by entering your answers in the tabs below. Compute Milt's recognized gain or loss on the sale if Milt's amount realized on sale was $58,800. Note: If the results of a transaction do not result in a gain or loss, select "No recognized gain or loss