Question 9.1.7 Question Help John owns a parcel of land with an adjusted cost base of $142,000. The fair market value (FMV) of the land is $190,000. In the current taxation year, while still alive. John transfers ownership of the land to his wife Kara. How much capital gain will John recognize on the transfer if he makes no election in his return of income? Choose the correct answer. OA $48,000 OB. $95,000 OC. $118,750 D. $0 Question 9.1.11 Question Help Jacob has a parcel of vacant land that he had purchased as an investment. The land has an adjusted cost base of $146,000 to Jacob. The fair market value of the land on January 1 of the current taxation year is $170,000. On this date, Jacob gifts the property to his 14-year-old daughter, Tracy. Tracy subsequently sells the land on December 1 of the current year for its fair market value of $205,000. How much gain will each recognize on this series of transactions? Choose the correct answer. O A Jacob, $35,000; Tracy, $24,000 OB. Jacob, $59,000, Tracy $0 OC. Jacob, $0; Tracy, $59,000 D. Jacob, $24,000; Tracy, $35,000