Using the following independent situations, answer the following questions Required: Situation #1 Clara received from her Aunt Sona property with a FMV at the date of the gift of $62,600. Aunt Sona had purchased the property five years ago for $54,700 Clara sold the property for $65,500 a. What is the basis to Clara? b. What is Clara's gain on the sale? c. If Clata is in the 37% tax bracket, what is the tax on the gain (assuming she has no other gains/losses to be notedy? 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)? Situation #2 Clara received from her Aunt Sona property with a FMV at the date of the gift of $40:200. Aunt Sona had purchased the property five years ago for $48100 a. If Clara sold the property for $56,600, what is her gain or loss on the sale? b. If Clara sold the property for $45,800, what is her gain or loss on the sale? c. If Clara sold the property for $37,900, what is her gain or loss on the sale? Complete this question by entering your answers in the tabs below. Situation 1 Situation 2 Clara received from her Aunt Sona property with a FMV at the date of the gift of $62,600. Aunt Sona had purchased the property five years ago for $54,700. Clara sold the property for $65,500. 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 Amounts a. Basis of the properly b. Gain on sale Tax on gain on sale d. Tax on gain on sale Situation 2 > Complete this question by entering your answers in the tabs below. Situation 1 Situatio2 Clara received from her Aunt Sona property with a FMV at the date of the gift of $40,200. Aunt Sona had purchased the property five years ago for $48,100. a. If Clara sold the property for $56,600, what is her gain or loss on the sale? b. If Clara sold the property for $45,800, what is her gain or loss on the sale? c. If Clara sold the property for $37,900, what is her gain or loss on the sale? Show less Amounts a b.