Nigel received a Land Rover from his mother as a gift. Mom had purchased the Land Rover two years earlier for $65,000, but its fair market value at the date of the gift was only $50,000. No gift tax was paid by Mom at time of the gift.

a) If Nigel sells the Land Rover for $70,000, what, if any, gain or loss will he recognize on the sale?

b) If Nigel sells the Land Rover for $45,000, what, if any gain or loss will he recognize on the sale?

c) If Nigel sells the Land Rover for $55,000, what, if any gain or loss will he recognize on the sale?