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Question 12 (1 point) Jason receives a gift of stock from his grandmother. The grandmother purchased the stock for $10,000 but it was worth $17,000 at the time of the gift. Which of the following statements correctly describe the basis of the stock to Jason? The stock has a basis of $10,000. The stock has a basis for gain of $17,000 and a basis for loss of $10,000 The stock has a basis of $17,000 Question 13 (1 point) Ted sells land for $100,000. Ted purchased the land 10 years ago for $60,000. Ted sold the land on a 10 year installment note requiring equal annual payments including interest at 7%. What percentage of each principal payment is treated as gain? Enter the number as a percentage with no decimal places and include the percentage sign (for example, fifty six percent would be entered as 56%). (THE CHAPTER 13(Pt.1) HANDOUT ILLUSTRATES THE COMPUTATION OF