Mike Morris gives Pat Palm property worth $34,000. Mike's basis in the property is $28,000.

a. If Pat sells the property for $38,200, what is their gain or loss on the sale?

b. If the fair market value on the date of the gift is $26,000 and Pat sells the property for $22,500, what is their gain or loss?

c. If the fair market value on the date of gift equals $25,000 and Pat sells the property for $26,900, what is the gain or loss?

Brian Bradley purchased stock for $50,000 in 2006. The stock was valued at $197,000 on May 14, 2021, when Brian died. His daughter Anita inherited the stock. Six months later, on November 14, 2021 the alternate valuation date, the stock was valued at $187,000.

a. What is Anita's basis in the property with no election by the executor?

b. If the executor of Brian's estate elected the alternate valuation date, what is Anita's basis?

c. If Anita sells the property on December 27, 2021, will she have short-term or long-term gain or loss?