The Stock of Eagle, Inc Tom Sells Land and a Building to Eagle, Inc

Essay

The stock of Eagle, Inc. is owned as follows: $\begin{array}{lr}\text { Tom } & 23 \% \text { Tom's uncle } \\22 \% \text { Tom's daughter } & 7 \% \text { Tom's } \\\text { sister } & 15 \% \text { Tom's spouse } \\15 \% \text { Tom's nephew } & 8 \% \text { Tom's }\\\text { CPA, unrelated }&10\%\end{array}$ Tom sells land and a building to Eagle, Inc. for $212,000. His adjusted basis for these assets is $225,000. Calculate
Tom's realized and recognized loss associated with the sale.