Part 11. Problems (2 problems worth 20 points each, 40 total possible points) 1. (20 points) Gary exchanged land held for invest y exchanged land held for investment worth $154,350 with an adjusted basis of $110,880 and no liabilities for Sharon's rental condominium worth $141 Sharon's rental condominium worth $141,750 which had an adjusted basis of $153,090. Sharon also transferred to Gary $12,600 worth of stock sferred to Gary $12,600 worth of stock in which she had an adjusted basis of $11,025. Compute the realized and recognized gain or loss and the adjusted basis in the properties received to Gary and Sharon