Sale of Property Received as a Gift. During the current year, sells a tract of land for $800,000. The property was received as a gift from Maxine on March 10, 1995, when the property had a $310,000 FMV. The taxable gift was $300,000 because the annual exclusion was $10,000 in 1995. Maxine purchased the property on April 12 , 1980, for $110,000 .At the time of the gift, Maxine paid a gift tax of $12,000 . In order to sell the property , Stan paid a sales commission of $16,000, . a. What is Stan realized gain on the sale ? B. How would your answer to Part a change , if at all , if the FMV of the gift property was $85,000 as of the date of the gift ?