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32. LO.1, 2 Liam owns a personal use boat that has a fair market value...

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Accounting

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32. LO.1, 2 Liam owns a personal use boat that has a fair market value of $35,000 and an adjusted basis of $45,080. Liam's AGI is $100,000. Calculate the realized and recognized gain or loss if: a. Liam sells the boat for $35,000. b. Liam exchanges the boat for another boat worth $35,000. c. The boat is stolen and Liam receives insurance proceeds of $35,000 d. Would your answer in part (a) change if the fair market value and the selling price of the boat were $48,000

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