On September $30$ of last year, Rex received some investment land from Holly as a gift. Holly's basis was $$50,000$ and the land was valued at $$40,000$ at the time of the gift. Holly acquired the land five years ago. What are the amount and character of Rex's recognized gain $($loss$)$ if he sells the land on May $12$ this year at the following prices?

Note: Enter NA if a situation is not applicable. Leave no answer blank. Enter zero if applicable.

Problem $11-37$ Part$-$a $($Static$)$

a$.$ Land sold for $$32,000$