n February of Year 1, Jill acquired a vacation home (for personal use) for $300,000 in a cash transaction. In June of Year 4, when the property is worth $250,000, Jill offers the vacation home to Kendra as a gift. Upon receipt of the vacation home, Kendra takes out a loan of $150,000 on the property. In June of Year 4, Kendra fails to make any payments on the loan and the lender forecloses. In January of Year 5, Jill purchases a clock at a flea market for $200. In March of Year 5, Jill has the clock appraised and learns that it is a rare antique worth $10,000. Shocked by the news, Jill dies of a heart attack and Lamar inherits the clock. In December of Year 5, in that same month, Lamar sells the clock for $16,000. What is Kendras total gain/loss in Year 4? What is Lamars total gain/loss in Year 5? What is Kendras tax liability in Year 4? What is Lamars tax liability in Year 5