Juliana purchased land in 2013 for $60,400. She gave the land to Tom, her brother, in 2016, when the fair market value was $84,560. No gift tax is paid on the transfer. Tom subsequently sells the property for $76,104.

a. Tom's basis in the land is $????? and he has a realized (gain/ loss) of $????? .

b. Assume instead that the land has a fair market value of $54,360 and that Tom sold the land for $51,642. Tom's basis in the land is $???? and he has a realized (gain/ loss) of $ ?????.