Juliana purchased land in 2018 for $50,000. She gave the land to Tom, her brother, in 2021 , when the fair market value was $70,000. Na gift tax is paid on the transfer. Tom subsequently sells the property for $63,000. a. Tom's basis in the land is $3 and he has a realized of 3 b. Assume, instead, that the land has a fair market value of $45,000 and that Tom sold the land for $43,000. Tom's basis in the land is and he has a realized ; of $