Monica sells a parcel of land to her son, Elbert, for $90,000. Monicas adjusted basis is $100,000. Three years later, Elbert gives the land to his fiance, Karen. At that date, the land is worth $104,000. No gift tax is paid. Since Elbert is going to be stationed in the U.S. Army in Germany for 3 years, they do not plan on being married until his tour is completed. Six months after receiving the land, Karen sells it for $110,000. At the same time, Karen sends Elbert a Dear John email. Calculate Karens realized and recognized gain or loss.