juliana purchased land three years ago for $68,500. she made a gift of the land to tom, her brother, in the current year, when the fair market value was $95,900. no federal gift tax is paid on the transfer. tom subsequently sells the property for $86,310. a. tom's basis in the land is $fill in the blank 1 and he has a realized gain of $fill in the blank 3 on the sale. b. assume, instead, that the land has a fair market value of $61,650 on the date of the gift, and that tom sold the land for $58,568. tom's basis in the land is $fill in the blank 4 and he has a realized loss of $fill in the blank 6 on the sale.