See attachment. Use IRAC to answer the following. I need it done within 6-8 hrs . Thank you

Use IRAC when answering the following 76. A borrower is personally liable on a real estate mortgage with an outstanding balance of $1.5 million. Borrower's basis in the property is $1 million and the property has a current fair market value of $1.2 million. The property is repossessed by the bank. a. If the borrower is insolvent both before and after the repossession, what taxable gain, if any, is recognized by borrower? b. Does your answer to (a) change if the borrower is not personally liable on the mortgage (i.e., a nonrecourse debt)? Why or why not? 78. Jane was notified by the IRS that she should appear at the local IRS district office with records supporting travel expense deductions taken on her 2012 tax return. Because she had to meet with some clients, she did not appear at the IRS office, nor did she bother to make an appointment for an alternative time. To what penalty or penalties could Jane be subject