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QUESTION 1 On September 30 of last year, Rex received some investment and from Holly as a gift. Holy's adjusted basis was $50,000 and the land was valued at $39,000 of the time of the gin. Holly acquired the land five years ago. What is the amount of Rex's recognized gain (s) he sells the land on May 12 this year at $31,000? QUESTION 2 On September 30 of last year, Rex received some investment and from Holly as a Holly's adjusted basis was $54,000 and the land was valued at $40,000 at the time of the gift. Holly acquired the land five years ago What is the amount of Rex's recognized gain (loss) the sells the land on May 12 this year at $69.000