Four GRRLs Partnership is owned by four girlfriends. Lacy holds a 40% interest; each ofthe others owns 20%. Lacy sells investment property to the partnership for its FMV of$200,000 (Lacy’s basis is $250,000).• How much loss, if any, may Lacy recognize?• If the partnership later sells the property for $260,000, how much gain must itrecognize?• How would your answers change if Lacy owned a 60% interest in thepartnership?• If Lacy’s owned 60% and had basis in the investment property of $120,000instead of $250,000, how much, if any, gain would she recognize on the sale, andhow would the gain be characterized

In 2018, laureen is currently single. she paid $2,800 of qualified tuition and related expenses for each of her twin daughters sheri and meri to attend state university as freshmen ($2,800 each for a total of $5,600). sheri and meri qualify as laureen’s dependents. laureen also paid $1,900 for her son ryan’s (also laureen’s dependent) tuition and related expenses to attend his junior year at state university. finally, laureen paid $1,200 for herself to attend seminars at a community college to her improve her job skills.what is the maximum amount of education credits laureen can claim for these expenditures in each of the following alternative scenarios? a. laureen's agi is $45,000.b. laureen’s agi is $95,000.c. laureen’s agi is $45,000 and laureen paid $12,000 (not $1,900) for ryan to attend graduate school (i.e, his fifth year, not his junior year).