Porter received stock as a gift from his favorite aunt, Eltie. Aunt Eltie paid \($4,500\) for the stock six years ago. As of the date of the gift, it was worth \($8,800\).

a. What is Porter’s recognized gain or loss if he sells it for \($10,200\)?

b. What is Porter’s recognized gain or loss if he sells it for \($4,100\)?

c. What is Porter’s recognized gain or loss if he sells it for \($6,600\)?

d. What is Porter’s recognized gain or loss if the fair market value was \($4,000\) as of the date of the gift and he sells it for \($4,200\)?

Create an Excel spreadsheet to solve for your answer.