Using the following independent stuations, answer the followng questions Required: Sittiation 1 Kerry recelved property from an aunt with a FMV of $58.400 on the date of the gift. The aunt had purchased the property five years ago for $50,800. Kerry sold the property for $61,000 a. What is the basis to Kerry? b. What is Kerry's gain on the sale? c. If Kerry is in the 37 s 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 recelved property from an aunt with a FMV of $37.800 on the date of the gift The aunt had purchased the property five years ago for $45,400 a. If Kerry sold the property for $53,825, what is the gain or loss on the sale? b. If Kerry sold the property for $43,145, what is the gain of loss on the sale? c. If Kerry sold the property for $35,545, what is the gain or loss on the sale? Complete this question by entering your answers in the tabs below. Kerry receved property from an aunt with a FMV of $58,400 on the date of the gift. The aunt had purchased the property five reass ago for $50,800, Kerry sold the property for $61,000. a. What is the basis to Kerry? b. What is Kerrys gain on the sale? C. If Kerry is in the 374 tax Aracket, what is the tax on the gain (assurning there are na other oains or loases to be netted)