On September 30 of last year, Rex received some investment land from Holly as a gift. Hollys adjusted 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 Rexs recognized gain (loss) if he sells the land on May 12 this year at the following prices?

c. Land sold for $45,000 Amount