Problem 13-78 (Algorithmic) (LO. 7) Albert owns 100 acres of land on which he grows spruce trees. His adjusted basis for the land is $140,800. He receives condemnation proceeds of $14,080 when the city's new beltway takes 5 acres along the eastern boundary of his property. He also receives a severance award of $8,448 associated with the possible harmful effects of exhaust fumes on his trees. Albert invests the $22,528 in a growth mutual fund. a. Determine the tax consequences to Albert of the condemnation proceeds. Albert has a $ realized gain of which $ is recognized Feedback Check My Work An involuntary conversion results from the destruction (complete or partial), theft, seizure, requisition or condemnation, or sale or excha under threat or imminence of requisition or condemnation of the taxpayer's property. b. Determine the tax consequences to Albert of the severance award. The severance award reduces the basis of Albert's remaining property. His adjusted basis in the remaining property is $