Answers are not $900,000 and $15,000 respectively.

Problem 14-44 (C) (LO. 3) In 2019, Pedro receives a gift of real estate with an adjusted basis of $900,000 and a fair market value of $890,000. No gift tax was paid on the transfer. 900,000 and his basis for a loss is $ If Pedro later sells the property for $885,000, his Pedro's basis for a gain is $ recognized loss is $