Jack exchanged land with an adjusted basis of $65,000 subject to a liability of $22,000 for $50,000 (FMV) of stock owned by Hayden. Hayden takes the land subject to the liability. Jack incurs $500 selling expenses. What is the amount of Jack's realized gain on the exchange? A) $6, 500 gain B) ($14, 500)loss C) $7,000 gain D) ($14,000) loss Michelle purchased her home for $50,000, and subsequently added a costing $25,000 and a new porch costing $5,000. Repairs to the home's plumbing cost $1,000. A) $181,000. B) $150,000. C) $151,000. D) $181,000. Dennis purchased a machine for use in his business. Mr. Dennis' costs in connection with this purchase were as follows: What is the amount of Mr. Dennis' basis in the machine? A) $46, 100 B) $40, 4000 C)$41, 900 D) $33,000 Edward purchased stock last year as follows: In April of this year, Edward sells 80 shares for $250. Edward cannot specifically identify the stock sold. The basis for the 80 shares sold is A) $160. B) $240. C)$216. D)$184. 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) $25,000 B) $20,000 C)($5,000) D) no gain or loss Joycelyn gave a diamond necklace to her granddaughter Emma. Joycelyn had purchased the necklace in 1980 for $15,000. The FMV the necklace at the time of the gift was $44,000. After deducting the annual exclusion, the amount of the gift was $30,000.Gift taxes of $10,000 were paid. What is Emma's adjusted basis in the necklace? A) $25,000 B) $15,000 C) $24, 667 D) $44,000