Juliana purchased land three years ago for $63,100. She gave the land to Tom, her brother, in the current year, when the fair market value was $88,340. No gift tax is paid on the transfer. Tom subsequently sells the property for $79,506.

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 $56,790 and that Tom sold the land for $53,951.

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