LO.1, 2, 4 Roberto has received various gifts over the years. He has decided to dispose of the following assets he received as gifts:

a. In 1951, he received land worth $32,000. The donor’s adjusted basis was $35,000.

Roberto sells the land for $95,000 in 2012.

b. In 1956, he received stock in Gold Company. The donor’s adjusted basis was

$19,000. The fair market value on the date of the gift was $34,000. Roberto sells the stock for $40,000 in 2012.

c. In 1962, he received land worth $15,000. The donor’s adjusted basis was $20,000.

Roberto sells the land for $9,000 in 2012.

d. In 2003, he received stock worth $30,000. The donor’s adjusted basis was $42,000.

Roberto sells the stock for $38,000 in 2012.

What is the recognized gain or loss from each of the preceding transactions? Assume for each of the gift transactions that no gift tax was paid.