#7) Please Help!

During the current year. Tom sols a tract of land for $950,000. The property was received as a gift from Lilian on March 10, 1995, when the property had a $300.000 FMV The table gift was $350,000 DO the annual exclusion was $10,000 in 1905. Liian purchased the property on April 12, 1980, for $220,000. At the time of the gift. Lilian pada tax of $13,000. In order to sell the property, Tomadas commission of $13,000 Read the requirements Requirement a. What is Tom's reared gain on the saker? Select the formula, then calculate Tom's realized gain on the sale. (Do not round hintennediary calculations: Only round the amounts you are in the cells to the neamt detar) Minus: Realued gain Requirement b. How would your answer to Part a change it at all, the FMV of the gift property was $60,000 of the date of the gift? It the PMV of the gift property was $50.000 as of the date of the gin, Stan would have realized again on the sake od Choose from any list or enter any number in the input fields and then continue to the next