Mel gives a gift of a parcel of land to his son, Scott. He had purchased the land in 2003
What is Scott's recognized gain or loss from the sale of the land? What is Scott's recognized gain or loss from the sale of the land, if instead of $131,000, Scott sold the land for $150,000? If, instead, Mel held on to the land and left it to Scott in his will, what would Scott's basis be in the land if the fair market value of the land on the date of Mel's death was $200,000?