During the current year, Ron sells a tract of land for $600,000 The property was received as a gift from Irene 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, Irene purchased the property on April 12, 1980, for $180,000. At the time of the gift, Irene paid a gift tax of $18,000. In order to sell the property, Ron paid a sales commission of $20,000 Read the requirements. Requirement a. What is Ron's realized gain on the sale? Select the formula, then calculate Ron's realized gain on the sale. (Do not round intermediary calculations. Only round the amounts you input in the cells to the nearest dollar) Basis Minus: Gift tax paid Y Realized gain Requirement b. How would your answer to Part a change, if at all, if the FMV of the gift property was $65,000 as of the date of the gift? The realized gain in this scenario is 4