Please determine the amount of gain or loss includable in the Taxpayers Gross Income in the following situations. Cite the appropriate authority (authorities) for your answer.5(a): What is the Amount Realized, Type and amount of Basis, and Gain or Loss of the following:(i) Peter purchases an undeveloped acreage from Quagmire in 1993 for 20,000. In 2010 he sells it for its FMV, 150,000.(ii) Quagmire never sells his land to Peter. Instead, after he purchased it in 1990 for 5,000, he leaves it to Peter in his will. Quagmire dies in 2010. After Quagmire’s estate is settled, Peter sells the property for its FMV, 150,000.(iii) Lois buys a herd of llamas from Brian for 20,000 cash and 180,000 non-recourse note carried by the seller. She intends to breed them as racers. When the llama market fails, she surrenders the herd back to the seller pursuant to a provision in the note. She took a deduction of 35,000 because some of her llamas died of heatstroke. At that time, the herd is only worth 50,000, and she has 175,000 remaining on the note.(iv) Lois gives Chris income-producing property for his 35th birthday. On that day, the property has a basis of 100,000 and FMV of 90,000. Chris sells the property for 95,000.5(b): After you determine the Amount Realized, Type and amount of Basis, and Gain or Loss of the following, explain what will be included in the Taxpayers income and why:(v) Lois and Peter bought a home in Rhode Island when they got married in 1985 for 100,000. In December 2006 Peter got a job in Los Angeles to develop a cartoon sitcom. He and Lois moved out of their home and rented it out until 2009. From January 2009 through October 2009 there were no tenants, and Lois and Peter moved back in October 2009. April 2011, they listed their house for sale. They sold the house for 500,000.(vi) Joe owns two residences, one in Rhode Island and one in Montana. From 1999-2004 he lives in Rhode Island for seven months and Montana for five. He sells the Montana house, purchased for 20,000 down and mortgage of 180,000, for 450,000.(vii) Cleveland buys a house in Rhode Island in May of 1997 for 150,000 and lives there continuously until March of 1999. He leaves for two months to stay in an Ashram in India to collect his thoughts. When he returns, he lists his house for sale and sells it in May 1999 for 250,000.THIS IS A QUESTION AND ANSWER BASED ON TAX IRS CODES… THIS IS NOT ESSAY FORMAT.