Pam owns a personal use boat that has a fair market value of $35,000 and an adjusted basis of $45,000. pam's agi is $100,000. calculate the realized and recognized gain or loss if: a. pam sells the boat for $35,000. b. pam exchanges the boat for another boat worth $35,000. c. the boat is stolen and pam receives insurance proceeds of $35,000. d. would your answer in part (a) change if the fair market value and the selling price of the boat were $48,000?