Juliana purchased land in 2012 for $50000. She gave the land to Tom, her brother in 2015, when the fair market value was $70000. No gift tax is paid on the transfer. Tom subsequently sells the property for $63000 a) What is Toms basis on the land, and what is realized gain or loss on the sale? b) Assume instead that the land has a fair market value of $45000 and that Tom sold the land for $43000. Now what is Toms basis in the land and what is his realized gain or loss on the sale?