Gift of Property (9 points) On 01/02/21, Andrew makes a gift of investment property to Richard. Andrew purchased the property for personal investment in 1965 at a cost of $12,000 and in 2021 the property has a Fair Market Value (FMV) of $15,000. Answer the following Questions: 1) If Richard sells the property for $16,000, what is his gain or loss? 2) If Richard sells the property for $8,000, what is his gain or loss? 2) If the property had a FMV of $9,000 on 01/02/21 and Richard sells the property for for $11,000 what is his gain or loss