Dear tutor,

Please kindly help to solve this problem with explanation.

Exercise 14-22 (Algorithmic) (L0. 3) Juliana purchased land three years ago for $90,100. She made a gift of the land to Tom, her brother, in the current year, when the fair market value was $126,140. No Federal gift tax is paid on the transfer. Tom subsequently sells the property for $113,526. a. Tom's basis in the land is $[: and he has a realized ' of 3;: on the sale. b. Assume, instead, that the land has a fair market value of $81,090 on the date of the gift, and that Tom sold the land for $77,036. Tom's basis in the land is ${:] and he has a realized ' {#55:} on the sale. Exercise 14-20 (Algorithmic) (L0. 3) Sebastian purchases two pieces of equipment for $179,000. Appraisals of the equipment indicate that the fair market value of the first piece of equipment is $125,300 and that of the second piece of equipment is $196,900. What is Sebastian's basis in these two assets? If required, round your interim calculations to two decimal places. Use rounded amounts in subsequent computations. If required, round final answers to the nearest dollar. Sebastian's basis for the first piece of equipment is $ and $| for the second piece of equipment