7. Gifted Property. (Obj. 1) Max purchased 100 shares of XQM stock in 1999 for $10,000. In 2005, Max gave the stock to his daughter, Linda, when the FMV of the stock was $8,000. No gift tax was paid. a. What is Linda's basis in the stock if she sells it in the current year for $11,000? b. What is Linda's basis in the stock if she sells it in the current year for $9,000? C. What is Linda's recognized gain or loss if she sells the stock in the current year for $7,000?