Kathleen received land as a gift from her grandfather. At the time of the gift, the land had a FMV of $52,000 and an adjusted basis of $63,000 to Kathleen's grandfather. The grandfather did not have any gift taxes due. One year later, Kathleen sold the land for $78,000. What was her gain or (loss) on this transaction one year later ? and how would your answer change if the land had a FMV of $42,000 at the date of the gift and was sold for $58,000 one year later?