Using the following Independent situations, answer the following questions: Required: Situation 1 Kerry received property from an aunt with a FMV of $55,600 on the date of the gift. The aunt had purchased the property five years ago for $48,200. Kerry sold the property for $58,000. 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 $36,200 on the date of the gift. The aunt had purchased the property five years ago for $43,600. a. If Kerry sold the property for $51,975, what is the gain or loss on the sale? b. If Kerry sold the property for $41,375, what is the gain or loss on the sale? c. If Kerry sold the property for $33,975, what is the gain or loss on the sale? Complete this question by entering your answers in the tabs below. Situation 1 Situation 2 Kerry received property from an aunt with a FMV of $55,600 on the date of the gift. The aunt had purchased the property five years ago for $48,200. Kerry sold the property for $58,000. 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 a. Basis of the property b. Gain on sale c. Tax on gain on sale d. Tax on gain on sale Amounts Using the following Independent situations, answer the following questions: Required: Situation 1 Kerry received property from an aunt with a FMV of $55,600 on the date of the gift. The aunt had purchased the property five years ago for $48,200. Kerry sold the property for $58,000. 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 $36,200 on the date of the gift. The aunt had purchased the property five years ago for $43,600. a. If Kerry sold the property for $51,975, what is the gain or loss on the sale? b. If Kerry sold the property for $41,375, what is the gain or loss on the sale? c. If Kerry sold the property for $33,975, what is the gain or loss on the sale? Complete this question by entering your answers in the tabs below. Situation 1 Situation 2 Kerry received property from an aunt with a FMV of $36,200 on the date of the gift. The aunt had purchased the property five years ago for $43,600. a. If Kerry sold the property for $51,975, what is the gain or loss on the sale? b. If Kerry sold the property for $41,375, what is the gain or loss on the sale? c. If Kerry sold the property for $33,975, what is the gain or loss on the sale? a. b. C. Amounts Gain Loss No gain or Loss Show less