4. David inherited a mountain cottage from his grandmother. The cottage was worth $66,000 at the time and had a basis to the grandmother of $24,000. Estate taxes of $13,200 were paid on the cabin. After one summer, it was clear that David would be unable to use the cottage enough to justify keeping it, and he sold it for $60,000. How much is David's gain or loss on this sale? Multiple Choice $22,800 gain. $0 $6,000 loss $19,200 loss