Mike Morgan gives Paul Piers property worth $35,000. Mike's basis in the property is $30,000.

(a.) If Paul sells the property for $37,000, what is his gain or loss on the sale?

(b.) If Paul sells the property for $25,000, what is his gain or loss?

(c.) If the fair market value on the date of the gift is $27,000 and Paul sells the property for $24,500, what is his gain or loss?

(d.) If the fair market value equals $27,000 and Paul sells the property for $28,000, what is the gain or loss?

(Solving fast does not mean the answer will be 100% correct. Please take your time)