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On January 1,2024, Roberto received various gifts. He has decided to dispose of several of...

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Accounting

On January 1,2024, Roberto received various gifts. He has decided to dispose of several of these assets. What is the amount and character (i.e., short-term or long-term) of the recognized gain or loss from each of the following transactions?
a. He received land worth S32,000 from a donor who bought the land in 1995. The donor's adjusted basis was $35,000. Roberto sells the land for $95,000 on November 30,2024.
b. He received stock in Gold Company from a donor's whose adjusted basis was $19,000. The donor bought the stock on June 1,2023; the fair market value on the date of the gift was $34,000. Roberto sells the stock for $40,000 on April 15,2024.
c. He received land worth $15,000. The donor bought the land on August 4,2000, and the land's adjusted basis on the donation date was S20,000. Roberto sells the land for $9,000 on July 4,2024.
d. He received stock worth $30,000. The donor's adjusted basis was $42,000 and the donor's date of purchase was October 5,2021. Roberto sells the stock for $38,000 on December 6,2024.

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