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QUESTION 3 On September 30 of last year, Rex received some investment land from Holly as a gin. Holly's adjusted basis was $50,000 and the tund was valued at $40,000 at the time of the gin. Holly acquired the land five years ago. What is the amount of Rex's recognized gain (los) the sells the land on May 12 this year at $44.000? QUESTION 4 Franco converted a building from personal to business use in May 2017 when the fair market value was $50,000. He purchased the building in July 2014 for $80,000 On December 15 of this year, Franco sells the building for $39.000. On the date of the sale, the accumulated depreciation on the building was $5,566. What is Franco's recognized gain or loss on the sale