Question 7 3 pts Bobby received a gift of an awesome painting of the first "Lambeau Leap" from LeRoy Butler that has a fair market value of $65,000 on the date of the gift. LeRoy's adjusted basis for the painting was $105,000. LeRoy paid $25,000 of gift tax on the gift. What is Bobby's gain or loss if he later sells the painting for $160,000? $95,000 $45.476 $55,000 No gain or loss Question 8 3 pts Bobby received a gift of an awesome painting of the first "Lambeau Leap" from LeRoy Butler that has a fair market value of $65,000 on the date of the gift. LeRoy's adjusted basis for the painting was $105,000. LeRoy paid $25,000 of gift tax on the gift. What is Bobby's gain or loss if he later sells the painting for $75,000? Search for anythin