On December 1 of last year, Sam gave his son, Stan, a taxable gift of land with a fair market value of $15,000 on the date of the gift. Sam had already used his annual exclusion on gifts to Stan. Sam paid gift tax of $4,200. Sam had purchased the land 7 years ago for $10,000, which was his adjusted basis on the date of the gift. On January 1 of this year, Stan sold the land for $14,000. What was the value of the land for gift tax purposes, and what was Stan's basis