Which of the following will result in a recognized gain or loss in the current tax year? Ellen sells her 1964 Mustang (adjusted basis of $1,500) for $20,000. Zack purchased bay-side property for $40,000 in January. That same year in December it has a fair market value of $42.000 a Susie inherits property (fair market value of $75,000) that had a basis of $15,000 to the decedent. Kathie sells her residence (purchased for $155,000) for $153,000 O NONE of the choices are correct