Calculate the gain/loss realized by the taxpayer using the information below. Enter the appropriate amounts in the designated cells. Enter all amounts as positive values. Then, select from the option list provided whether the amount is a gain or loss for each situation. Each choice may be used once, more than once, or not at all.

Situation	Gain/loss realized	Gain/loss
1. RGB Partnership bought 300 shares of a listed corporation's stock for $45 a share in Year 1. Three years later, RGB sold the stock for $16,000.
2. On May 10, Year 1, Simon received a gift of income-producing real estate from his grandfather. His grandfather's basis in the property was $120,000 and the FMV at the date of the gift was $108,000. In October Year 1, Simon decided to sell the property for $95,000.
3. Nathan's mother gave him a Civil War figurine appraised at $65,000 on March 14, Year 10. Gift tax of $19,000 was paid on the transfer. His mother purchased the figurine in an auction in Year 2 for $26,000. Nathan sold it for $70,000 cash on September 1, Year 10.
4. Will is a painter who uses a van in his business. His brother Bill uses a truck in his handyman business. They decided to exchange vehicles. Will's van has an adjusted basis of $6,500 and a FMV of $8,000. The adjusted basis of Bill's truck is $12,000 and the FMV is $14,500. Determine the amount of gain or loss, if any, realized by Bill only.
5. Andie sold a building from her business in Year 1. She received equipment with a FMV of $125,000, $50,000 cash, and relief from the $200,000 remaining on the building's mortgage. The building had an adjusted basis of $300,000. Andie also assumed the remaining $50,000 balance on the note payable related to the equipment she received.