Juliana purchased land three years ago for $111,700. She gave the land to Tom, her brother, in the current year, when the fair market value was $156,380. No gift tax is paid on the transfer. Tom subsequently sells the property for $140,742. a. Tom's basis in the land is $ and he has a realized of $ . b. Assume instead that the land has a fair market value of $100,530 and that Tom sold the land for $95,504. Tom's basis in the land is $ and he has a realized of $ .