During the current year, Tom sells a tract of land for $750,000. The property was received as a gift from Alyson on March 10, 1995, when the property had a $240,000 FMV. The taxable gift was $230,000 because the annual exclusion was $10,000 in 1995. Alyson purchased the property on April 12, 1980, for $56,000. At the time of the gift, Alyson paid a gift tax of $9,000. In order to sell the property, Tom paid a sales commission of $18,000.

a) What is Tom's 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 $45,000 as of the date of the gift?