Juliana purchased land in 2013 for $68,500. She gave the land to Tom, her brother, in 2016, when the fair market value was $95,900. No gift tax is paid on the transfer. Tom subsequently sells the property for $86,310.

a. Tom's basis in the land is $------- and he has a realized gain of $----- .

b. Assume, instead, that the land has a fair market value of $61,650 and that Tom sold the land for $58,568. Tom's basis in the land is $---- and he has a realized loss of $------- .