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Basis of Property Acquired by Gift (LO. 7) The following gifts are received and sold...

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Basis of Property Acquired by Gift (LO. 7) The following gifts are received and sold in the current year: Donor's Adjusted FMV at Time of Gift Tax Selling Price Basis Gift Paid a. $100,000 $409,000 $40,900 $357,000 b. 100,000 83,400 8,340 70,500 C. 100,000 28,200 5,640 40,300 Determine the basis for gain and basis for loss and realized gain or realized loss. Enter "0" if the field should be blank or if an amount is zero. Do not round any divisions. Basis for Gain Basis for Loss Realized Gain Realized Loss a. S o b. $ $ 0 $ C. 0 $

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