Sheila sells land to Elane, her sister, for the fair market value of $40,000. Six months later when the land is worth $45,000, Elane gives it to Jacob, her son. (No gift tax resulted.) Shortly thereafter, Jacob sells the land for $48,000. If amount is zero, enter "0". a. Assuming that Sheila's adjusted basis for the land is $24,000, what are Sheila's and Jacob's recognized gain or loss on the sales? Sheila's recognized is $ . Jacob's recognized is $ . Hide Feedback Partially Correct Check My Work Feedback Relate party transactions are subject to special rules. The most common related parties involve (1) members of a family and (2) an individual and a corporation in which the individual owns, directly or indirectly, more than 50 percent in value of the corporation's outstanding stock. b. Assuming that Sheila's adjusted basis for the land is $60,000, what are Sheila's and Jacob's recognized gain or loss on the sales? Sheila's recognized is $ . Jacob's recognized