During the current$$ year, Gary

sells a tract of land for $ $950,000$

$.$

The property was received as a gift from Janell

on March$10,1995,$ when the property had a $ $350,000$

fair market value$($FMV$).$ The taxable gift was $ $340,000$

because the annual exclusion was $ $10,000$

in $1995.$ Janell

purchased the property on April$12,1980,$ for $ $180,000$

$.$

At the time of the$$ gift, Janell

paid a gift tax of $ $16,000$

$.$

In order to sell the$$ property, Gary

paid a sales commission of $ $14,000$

$.$

Read the requirements.

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Part $1$

Requirement a$.$ What is Gary

$\text{'}$s

realized gain on the$$ sale?

Select the$$ formula, then calculate Gary

$\text{'}$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: