During the current year, David sells a tract of land for $550,000. The property was received as a gift from Cathy on March 10, 1995, when the property had a $210,000 FMV. The taxable gift was $200,000 because the annual exclusion was $10,000 in 1995. Cathy purchased the property on April 12, 1980, for $70,000. At the time of the gift, Cathy paid a gift tax of $13,000. In order to sell the property, David paid a sales commission of $19,000. Read the requirements. Requirement a. What is David's realized gain on the sale? Select the formula, then calculate David's realized gain on the sale. (Do not round intermediary calculations. Only round the amounts you input in the cells to the nearest dollar.) Minus: Realized gain Requirement b. How would your answer to Part a change, if at all, if the FMV of the gift property was S50,000 as of the date of the gift? David would have a realized gain of as of the date of the gift. on the sale if the FMV of the gift property was $50,000