Spilker Taxation of Individuals and Business Entities Roger CPA Review Qu. 039 Horace sells equipment with an adjusted basis of $20,000 to his great-grandson, Matthew, for its fair market value of $15,000. Matthew sells the equipment to an unrelated party for $17000. What are Matthew's realized and recognized gains (losses) upon the sale? Multiple Choice Realized Gain (Loss) ($3,000) Recognized Gain (Loss) $3,000) Realized Gain (Loss) $2,000 Recognized Gain (Loss) $0 Realized Gain (Loss) s0 Recognized Gain (Loss) s0 Realized Gain (Loss) $2,000 Recognized Gain (Loss $2,000