Maria Mann gives Peggy property worth $15,000. Marias basis in the property is $10,000.

1.If Peggy sells the property for $17,000, what is her gain or loss on the sale?

2. If Peggy sells the property for $5,500, what is her gain or loss?

3.If the fair market value on the date of the gift is $7,500 and Peggy sells the property for $5,500, what is the gain or loss?

4. If the fair market value is $7,500 and Peggy sells the property for $8,000, what is the gain or loss?