LO.1, 2, 3 Roberto has received various gifts over the years. He has decided to dispose of the following assets that he received as gifts:

a. In 1951, he received land worth $25,000. The donor’s adjusted basis was $40,000.

Roberto sells the land for $92,000 in 2010.

b. In 1956, he received stock in Gold Company. The donor’s adjusted basis was

$22,000. The fair market value on the date of the gift was $30,000. Roberto sells the stock for $40,000 in 2010.

c. In 1962, he received land worth $15,000. The donor’s adjusted basis was $25,000.

Roberto sells the land for $9,000 in 2010.

d. In 2003, he received stock worth $30,000. The donor’s adjusted basis was $42,000.

Roberto sells the stock for $35,000 in 2010.

What is the recognized gain or loss from each of the preceding transactions? Assume for each of the gift transactions that no gift tax was paid.