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What is the amount of rex recognized gain

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Question - On September 30th of last year, Rex received some investment land from Holly as a gift. Holly's adjusted 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 is the amount of Rex's recognized gain (loss) if he sells the land on May 12th this year at the following prices?

1) Selling Price = 32000

2) Selling Price = 70000

3) Selling Price = 45000

Reference no: EM132611751

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