In 20x5, Ken gave his son Micah land with FMV = $50,000. Ken's basis in the land was $90,000 at the time of the gift. In 20x8 Micah sells the land. Use parentheses to denote a loss. Omit $ and comma. For example, enter a $20,000 loss as (20000). Part 1: What is Micah's recognized gain or loss on the sale of the land if he sells the land for $40,000