Question 5 1 pts In 20x5, Ken gave his son Micah land with FMV = $50,000. Ken's basis in the land was $90,000 at the time of the gift. In 20x8 Micah sells the land. Omit $ and commas. Use parentheses to represent losses. For example, represent a $20,000 loss as (20000). Part 1: What is Micah's recognized gain or loss on the sale of the land if he sells the land for $40,000? Part 2: What if instead Micah sold the land for $95,000? What would Micah's recognized gain or loss be in this case? Part 3: What if instead Micah sold the land for $60,000? What would Micah's recognized gain or loss be in this case?

In 205, Ken gave his son Micah land with FMV =$50,000. Ken's basis in the land was $90,000 at the time of the gift. In 208 Micah sells the land. Omit $ and commas. Use parentheses to represent losses. For example, represent a $20,000 loss as (20000). Part 1: What is Micah's recognized gain or loss on the sale of the land if he sells the land for $40,000? Part 2: What if instead Micah sold the land for $95,000 ? What would Micah's recognized gain or loss be in this case? Part 3: What if instead Micah sold the land for $60,000 ? What would Micah's recognized gain or loss be in this case