Jack has a parcel of vacant land that he had purchased as an investment. The land has an adjusted cost base of $ 152,000 to Jacl . The fair market value of the land on January 1 of the current taxation year is $177,500. On this date, JAck gifts the property to his 14-year-old daughter, Trudy . Trudy subsequently sells the land on December 1 of the current year for its fair market value of $190,000. How much gain will each recognize on this series of transactions?