Using the following independent situations, answer the following questions: Required: Situation 1 Kerry received property from an aunt with a FMV of $36,000 on the date of the gift. The aunt had purchased the property five years ago for $30,000. Kerry sold the property for $37,000. a. What is the basis to Kerry? b. What is Kerry's gain on the sale? c. If Kerry is in the 37% tax bracket, what is the tax on the gain (assuming there are no other gains or losses to be netted)? d. If Kerry is in the 24% tax bracket, what is the tax on the gain (assuming there are no other gains or losses to be netted)? Situation 2 Kerry received property from an aunt with a FMV of $25,000 on the date of the gift. The aunt had purchased the property five years ago for $31,000. a. If Kerry sold the property for $39,025, what is the gain or loss on the sale? b. If Kerry sold the property for $28,985, what is the gain or loss on the sale? c. If Kerry sold the property for $22,985, what is the gain or loss on the sale? Complete this question by entering your answers in the tabs below. Kerry recelved property from an aunt with a FMV of $36,000 on the date of the gift. The aunt had purchased the property five years ago for $30,000. Kerry sold the property for $37,000. a. What is the basis to Kerry? b. What is Kerry's gain on the sale? c. If Kerry is in the 37% tax bracket, what is the tax on the gain (assuming there are no other gains or losses to be netted)? d. If Kerry is in the 24% tax bracket, what is the tax on the gain (assuming there are no other gains or losses to be netted)? show less a Complete this question by entering your answers in the tabs below. Kerry recelved property from an aunt with a FMV of $25,000 on the date of the gift. The aunt had purchased the property five years ago for $31,000. a. If Kerry sold the property for $39,025, what is the gain or loss on the sale? b. If Kerry sold the property for $28,985, what is the gain or loss on the sale? c. If Kerry sold the property for $22,985, what is the gain or loss on the sale