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Required information [The following information applies to the questions displayed below.] On...

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Accounting

Required information
[The following information applies to the questions displayed below.]
On September 30 of last year, Rex received some investment land from Holly as a gift. Holly's basis was $50,000 and the
land was valued at $40,000 at the time of the gift. Holly acquired the land five years ago. What are the amount and
character of Rex's recognized gain (loss) if he sells the land on May 12 this year at the following prices?
Note: Enter NA if a situation is not applicable. Leave no answer blank. Enter zero if applicable.
c. Land sold for $45,000
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