Situation 1 Situation 2 Clara received from her Aunt Sona, property with a FMV at the date of the gift of $44,400. Aunt Sona purchased the property five years ago for $37,800. Clara sold the property for $46,000. a. What is the basis to Clara? b. What is Clara's gain on the sale? c. If Clara is in the 37% tax bracket, what is the tax on the gain (assuming she has no other gains/losses to be netted)? d. If Clara is in the 24% tax bracket, what is the tax on the gain (assuming she has no other gains/losses to be netted)? Show less Bok int ences S $ 37,800 8,200 a. Basis of the property b. Gain on sale c Tax on gain on sale d. Tax on gain on sale Situation 2