An individual taxpayer purchased land from the taxpayer's sister for the fair market value of $70,000. The taxpayer's sister had a basis in the land of $80,000. The taxpayer sold the land to an unrelated coworker for $85,000. What amount of gain must the taxpayer recognize on the sale to the coworker?

A.$0

B.$5,000

C.$10,000

D.$15,000

An individual taxpayer purchased land from the taxpayer's sister for the fair market value of $70,000. The taxpayer's sister had a basis in the land of $80,000. The taxpayer sold the land to an unrelated coworker for $85,000. What amount of gain must the taxpayer recognize on the sale to the coworker?

A.$0

B.$5,000

C.$10,000

D.$15,000