Requirement a. What are the amount and character of Sara's recognized gain or loss? Complete the table to determine the amount and character of Sara's recognized gain or loss for the land transferred Total proceeds Minus: Adjusted basis Realized gain (loss) Boot received Recognized gain (loss) Character of gain or loss Requirement a. What are the amount and character of Sara's recognized gain or loss? Complete the table to determine the amount and character of Sara's recognized gain or loss for the land transferred Total proceeds Minus: Adjusted basis Realized gain (loss) Boot received Recognized gain (loss) Character of gain or loss