X Canvas XCO Question 8 1.75 pts Jim made a gift of land to Ann during 2020. The property is worth $350,000 at the time of the gift. Jim paid $60,000 for the property in 2005. Ann needs money and sells the property for $280,000. What is Ann's gain or loss on the sale? $220,000 gain $40,000 loss $170,000 gain $290,000 gain Question 9 1.75 pts Mr. and Mrs. Jones have been married for 5 years. Each has a child from a previous marriage. Mr. Jones lives in Orlando with his dependent son for the entire year, and Mrs. Jones lives in Tampa with her dependent daughter for the entire year. Each spouse is willing to file a separate tax return, and each spouse pays for more than half the cost of maintaining his or her household during the year. Also, neither spouse was a member of the other's