3. Julia purchased land three years ago for $50,000. She gave the land to Robert, her brother, in the current year, when the fair market value was $70,000. No gift tax is paid on the transfer. Robert subsequently sells the property for $63,000. a. What is Roberts basis in the land, and what is his realized gain or loss on the sale? b. Assume, instead, that the land has a fair market value of $45,000 and that Robert sold the land for $43,000. Now what is Roberts basis in the land, and what is his realized gain or loss on the sale?

Please consider changes from TCJA 2017