19. Tobin inherited 100 acres of land on the death of his father in 2021. A Federal estate tax return was filed, and the land was valued at $ 300,000 (its fair market value at the date of the death). The father had originally acquired the land in 1976 for $ 19,000 and prior to his death had made permanent improvements of $ 6,000. What is Tobin's basis in the land? a. $ 19,000 b. $ 25,000 C. $ 300,000 d. $ 325,000 18. Noelle received dining room furniture as a gift from her friend, Jane. Jane's adjusted basis was $9,200 and the fair market value on the date of the gift was $ 7,000. Noelle decided she did not need the furniture and sold it to a neighbor six months later for $ 6,500. What is her realized gain or loss? a. $0 b. ($ 500} C. ($ 2,700) d. $ 6,500