LO.2, 3 For each of the following independent transactions, calculate the recog- nized gain or loss to the seller and the adjusted basis to the buyer.

a. Kiera sells Parchment, Inc. stock (adjusted basis $17,000) to Phillip, her brother, for its fair market value of $12,000.

b. Amos sells land (adjusted basis $85,000) to his nephew, Boyd, for its fair market value of $70,000.

c. Susan sells a tax-exempt bond (adjusted basis $20,000) to her wholly owned corporation for its fair market value of $19,000.

d. Sinbad sells a business truck (adjusted basis $20,000) that he uses in his sole proprietorship to his cousin, Agnes, for its fair market value of $18,500.

e. Martha sells her partnership interest (adjusted basis $175,000) in Pearl Partner- ship to her adult daughter, Kim, for $220,000.