Question 7 (6 points) On September 30th 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 is the amount of Rexs recognized gain (loss) if he sells the land on May 12th this year at the following prices? (Enter loss as a negative number)

1) Selling Price = 32000

2) Selling Price = 70000

3) Selling Price = 45000

# 1?

# 2?

# 3?