Clarissa Carter sells Whitehall to her best friend for $120,000, her estimated fair market value (FMV) of the property. On a subsequent audit, the IRS determines that the FMV of Whitehall is $195,000. What are the consequences? Clarissa has made a gift of $75,000, which is the difference between the FMV and the sales A. price. B. Clarissa intended the transaction to be a sale and there was no donative intent; thus, a gift was not made. O c. Clarissa should report additional taxable income of $75,000, but there are no gift tax consequences