Example c 4-15 FM∨of|and $60,000 Adjusted basis 20,000 Capital Gain 40.000 FMV of land $12,000 Adjusted Basis 20,000 No loss recognition 1414 Example C 4-15 FMV of land $60,000 Adjusted basis 20,000 Capital Gain 40,000 FMV of land $12,000 Adjusted Basis 20,000 No loss recognition