Mike Morris gives Pat Palm property worth $40,000. Mike's basis in the property is $27,000.

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 $20,000 and Pat sells the property for $17,500, 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 $25,900, what is the gain or loss?