On her birthday, February 20, 2009, Marley received a gift from her father of unimproved land located in Marshal County, IN. The land cost her father $23,000 in 1970 and had a value of $76,000 on the date of the gift. No gift tax was due as a result of the transfer. On May 1, 2021, Marley sold the land to an adjoining property owner for $100,000. Under the terms of the sale, Marley received a down payment of $10,000 in 2022 and six notes maturing annually for $15,000 each with interest payable at the rate of 8%. Marley did not elect out of the installment method. 1970 33 6001.