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Fran received an investment land as a gift from her grandmother two years ago. Her grandmother purchased the land 1 5 years ago for $

Fran received an investment land as a gift from her grandmother two years ago. Her grandmother purchased the land 15 years ago for $8,000. The land's fair market value was $45,000 at the time of the gift. Fran sold this land for $60,000 this year. What is Fran's recognized gain or loss?
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