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Exercise 13-30(Algorithmic)(LO.3) Juliana purchased land three years ago for $79,300. She made a...

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Accounting

Exercise 13-30(Algorithmic)(LO.3)
Juliana purchased land three years ago for $79,300. She made a gift of the land to Tom, her brother, in the current year, when the fair
market value was $111,020. No Federal gift tax is paid on the transfer. Tom subsequently sells the property for $99,918.
a. Tom's basis in the land is $
and he has a realized
of $
on the sale.
b. Assume instead that the land has a fair market value of $71,370 on the date of the gift, and that Tom sold the land for $67,802.
Tom's basis in the land is $
and he has a realized
of $
on the sale.
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