Kerry received property from an aunt with a FMV of $40,000 on the date of the gift. The aunt had purchased the property five years ago for $35,000. Kerry sold the property for $43,000. What is the basis to Kerry? What is Kerrys gain on the sale? If Kerry is in the 37% tax bracket, what is the tax on the gain (assuming there are no other gains/losses to be netted)? If Kerry is in the 24% tax bracket, what is the tax on the gain (assuming there are no other gains/losses to be netted)? Situation 2 Kerry received property from an aunt with a FMV of $30,000 on the date of the gift. The aunt had purchased