Juliana purchased land three years ago for $106,300. She made a gift of the land to Tom, her brother, in the current year, when the fair market value was $148,820. No Federal gift tax is paid on the transfer. Tom subsequently sells the property for $133,938. a. Tom's basis in the land is $ and he has a realized i of $ on the sale. b. Assume, instead, that the land has a fair market value of $95,670 on the date of the gift, and that Tom sold the land for $90,887. Tom's basis in the land is s and he has a realized of $ on the sale.