On July 16, 2020, Margo gifts a parcel of land to her daughter, Theresa. Margo had purchased the land in 2005 for $240,000 Its fair market value on the date of the gift is $210,000. No gift tax was paid by Margo. Theresa holds the land as investment property 1. What is Theresa' basis in the land on the date of the gift for determining any gain or loss on a subsequent sale of the land by Theresa? 2. What is Theresa's realized and recognized gain or loss from the sale of the land if she sells the land on December 2, 2020 for $200,000? Is the gain or loss long-term or short-term