Which of the following best describes a "realized" gain or loss and a "recognized" gain or loss? A realized gain or loss results from the sale or other disposition of property and a recognized gain or is the amount of a realized gain or loss included in taxable income. Realized gains are always reported as ordinary income and recognized gains are always reported as capital gains. Realized and recognized losses are both reported capital losses. Realized gains or losses are always reported as recognized gains or losses in determining taxable income. Recognized gains are always reported as ordinary income and realized gains are always reported as capital gains. Realized and recognized losses are both reported capital losses