Sale to a Related Party. (Obj. 3) Reed sold land to ABC company for $70,000. Reed $95,000 for the land 3 years ago. Reed owns 10% of the shares in ABC. The rest of the sh are owned by Reed's father (20%), Reed's uncle (15%), Reed's grandfather (30%), Reed' sister (10%), Reed's cousin (10%) and Reed's son (5%). a. Compute Reed's realized and recognized gain or loss on the sale as well as ABC's basie in the land. b. Compute ABC's realized and recognized gain or loss if it later sells the land for $85,000. c. Same as in Part b., except that ABC sells the land for $115,000