Daniel receives 400 shares of A&M Corporation stock from his aunt on May 20, 2023, as a gift when the stock has a \($60,000\) FMV. His aunt purchased the stock in 2014 for \($42,000.\) The taxable gift is \($60,000\) because she made earlier gifts to Daniel during 2023 and used the annual exclusion. She paid a gift tax of \($9,300\) on the gift of A&M stock to Daniel. Daniel also inherited 300 shares of Longhorn Corporation preferred stock when his uncle died on November 12, 2022, when the stock’s FMV was \($30,000.\) His uncle purchased the stock in 2001 for \($27,600.\) Determine the gain or loss on the sale of A&M and Longhorn stock on December 15, 2023, under each alternative situation below.

a. A&M stock was sold for \($62,600,\) and Longhorn stock was sold for \($30,750\).

b. A&M stock was sold for \($58,200,\) and Longhorn stock was sold for \($28,650\).

c. Assume the same as in Part a except his aunt purchased A&M stock for \($71,000\) and his uncle purchased Longhorn stock for \($31,200\).