Kathy gives property she has owned for 5 years to Janelle. At the time of the gift, the property had a basis of $35,000 and a FMV of $42,500. If on the day she receives the property Janelle sells the property for $33,000, what is Janelles gain or loss?

Mark gives his son, Mac, stock which has an adjusted basis of $15,000 and a FMV on the date of the gift of $12,000. Mark owned the stock for three years before making the gift. If Mac sells the stock two weeks later for $16,000, what is his gain or loss?

If Mac sells the stock two weeks after receiving the gift for $10,000, what is his gain or loss?

If Mac sells the stock two weeks after receiving the gift for $13,000, what is his gain or loss?