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Question - During the current year, Lance sells a tract of land for $800,000 that he had received from Gwen on March 10, 1995, when the land had a fair market value (FMV) of $310,000. The taxable gift was $300,000 because the annual exclusion was $10,000 in 1995. Gwen had purchased the land on April 12, 1980, for $110,000. On the date of the gift (in 1995), Gwen paid a gift tax of $12,000. In the current year, when Lance sold the property, Lance paid a sales commission to his broker of $16,000 to sell the land. What is Lance's realized gain on the sale?
A) $674,000
B) $666,000
C) $800,000
D) $690,000
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