George sold land to an unrelated party in 2018. His basis in the land was $24,000, and the selling price was $72,000$18,000 payable at closing and $18,000 (plus 10% interest) due January 1, 2019, 2020, and 2021. Treat each part independently, assume that George did not elect out of the installment method and the installment obligations have values equal to their face amounts.

1. In 2019, George gave to his daughter the right to collect all future payments on the installment obligations. How much should George recognize as a gain at the time of the gift?
2. On December 31, 2019, George received the payment due on January 1, 2020. On December 15, 2020, George died, and the remaining installment obligation was transferred to his estate. The estate collected the amount due on January 1, 2021. In 2019 how much gain should George report?