1. Juliana purchased land three years ago for $65,800. She gave the land to Tom, her brother, in the current year, when the fair market value was $92,120. No gift tax is paid on the transfer. Tom subsequently sells the property for $82,908. Please show work.

a. Tom's basis in the land is $_________ and he has a realized of $_______

b. Assume, instead, that the land has a fair market value of $59,220 and that Tom sold the land for $56,259. Tom's basis in the land is $_________ and he has a realized of $__________.