4. Judy gave a piece of land to her sister Laura as a gift. She had purchased the land for $185,000 five years ago. Due to a depressed real estate market, the land had a market value of $50,000 at the time she gave it to her sister. Determine the amount and character of her gain or loss in the following scenarios (including, if appropriate, the holding period). A. Five months later, the area in which the land was located was rezoned as a commercial area, and the value of the land immediately went up. Seizing on the opportunity, Laura sold the land for $150,000 to the first buyer who approached her. B. Assume the same facts as (A) above except that Laura turned down the first offer and sold the land to a second bidder a month later for $200,000. C. Assume instead that five months later, the city in which the land was located declared bankruptcy and all the property located in it started to lose value rapidly. Desperate to cash out before the land became completely worthless, Laura took the first offer on the land and sold it for $20,000