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Roberto has received various gifts over the years and has decided to dispose of the following assets he received as gifts: What are the amount and character of Roberto's recognized gain $($loss$)$ from the following transactions, assuming that no gift tax was paid when the gifts were made.

a$.$ In $1998,$ he received land worth $$31,000.$ The donor's adjusted basis was $$34,000.$ Roberto sells the land for $$90,000$ in $2024.$

b$.$ In $1996,$ he received stock in Gold Company. The donor's adjusted basis was $$18,000.$ The fair market value on the date of the gift was $$36,000.$ Roberto sells the stock for $$42,000$ in $2024.$

c$.$ In $2002,$ he received land worth $$16,000.$ The donor's adjusted basis was $$21,000.$ Roberto sells the land for $$10,000$ in $2024.$

Renata Corporation purchased equipment in $2022$ for $$185,000$ and has taken $$82,000$ of regular MACRS depreciation. Renata Corporation sells the equipment in $2024$ for $$120,000.$

a$)$ What is the amount and character of Renata's gain or loss?

b$)$ What if Renata sold the equipment for $$210,000?$

c$)$ What if Renata sold the equipment for $$80,000?$

Logan and Jonathan exchange land, and the exchange qualifies as like$-$kind under $1031.$ Logan's land $($adjusted basis of $$90,000)$ is worth $$150,000,$ but it is subject to a mortgage of $$40,000.$ Jonathan's land has a fair market value of $$90,000($adjusted basis of $$30,000),$ Jonathan also gives Logan cash of $$10,000.$ Jonathane assumes the $$50,000$ mortgage on the apartment house.

a$.$ What is Logan's realized gain or loss?

b$.$ What is Logan's recognized gain or loss?

c$.$ What is Logan's basis in the land received?

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