o R e e R SRR B R During the current year, Don sells a tract of land for $850,000. The property was received as a gift from Wendy on March 10, 1995, when the property had a $360,000 fair market value (FMV). The taxable gift was $350,000 because the annual exclusion was $10,000 in 1995. Wendy purchased the property on April 12, 1980, for $220,000. At the time of the gift, Wendy paid a gift tax of $9,000. In order to sell the property, Don paid a sales commission of $13,000. Read the requirements. Requirement a. What is Don's realized gain on the sale? Select the formula, then calculate Don's realized gain on the sale. (Do not round intermediary calculations. Only round the amounts you input in the cells to the nearest dollar.) Realized gain Requirements gain on the sale? P - a. What is Don's realized b. How would your answer to Part a change, if at all, property was $75,000 as of the date of the gift? if the FMV of the gift