During the current year, Tony purchased new car wash equipment for use in his service station business. Tony's costs in connection with the new equipment this year were as follows: What is Tony's basis in the car wash equipment? A) $52, 600 B) $54, 600 C) $49, 600 D) $49,000 Kathleen received land as a gift from her grandfather. At the time of the gift, the land had a FMV of $105,000 and an adjusted basis of $85,000 to Kathleen's grandfather. The grandfather did not have any gift taxes due. One year later, Kathleen sold the land for $110,000. What was her gain or (loss) on this transaction? A) ($5,000) B) $20,000 C) $25,000 D) no gain or loss. Kathleen received land as a gift from her grandfather. At the time of gift, the land had a FMV of $85,000 and an adjusted basis of $110,000 to Kathleen's grandfather. One year later, Kathleen sold the land for $80,000. What was her gain or (loss) on this transaction? A) $5,000 B) no gain or loss C) $30,000 D) ($5,000)