33 On 3/1/2018 Lucinda received land as a gift from her grandfather. At the time of the gift, the land had a FMV of $95,000. Her grandfather bought the land for $90,000 on 5/1/2016. The grandfather did not have any gift taxes due. On 8/1/2020. Lucinda sold the land for $120,000. What was her gain or (loss) on this transaction? ut of Select one: a. no gain or loss b. $25,000 c. $30,000 O d. $5,000 34 Pedro purchases a $30,000 4% 15 year bond for $25,000 when it was issued on 3/1/2020. If Pedro holds the bond to maturity in 2035 he will recognize on redemption: ut of Select one: a. $0 gain or loss. O b. $5,000 long-term capital gain. O c. $5000 a mix of ordinary income and long-term capital gain based on the accrued interest income O d. $5000 ordinary income