During the current year, Stan sells a tract of land for $800,000. The property was received as a gift from Maxine on March 10, 1995, when the property had a $310,000 FMV. The taxable gift was $300,000 because the annual exclusion was $10,000 in 1995. Maxine purchased the property on April 12, 1980, for $110,000. At the time of the gift, Maxine paid a gift tax of $12,000. In order to sell the property, Stan paid a sales commission of $16,000. a. What is Stans realized gain on the sale? b. How would your answer to Part a change, if at all, if the FMV of the gift property was $85,000 as of the date of the gift? Irene owns a truck costing $15,000 and used for personal activities. The truck has a $9,600 FMV when it is transferred to her business, which is operated as a sole proprietorship. a. What is the basis of the truck for determining depreciation? b. What is Irenes realized gain or loss if the truck is sold for $5,000 after claiming depreciation of $4,000