The fair market value on February 4, 2007, is $32,000. In filing the estate tax return, the executor elects the alternate valuation date. Kay sells the stock on June 10, 2007, for $33,000. What is her recognized gain or loss? A. $0. B. ($1,000). C. $500. D. $1,000. E. None of the above. Arthur owns a tract of undeveloped land (adjusted basis of $145,000). He sells the land to his son, Art, for $105,000, its fair market value. What is Arthur”s recognized gain or loss, and what is Art”s basis for the land? A. $0 and $105,000. B. $0 and $145,000. C. ($40,000) and $105,000. D. ($40,000) and $145,000. E. None of the above. Jay sells property with an adjusted basis of $19,000 to his daughter for $12,000. Daughter subsequently sells the property to her brother for $12,000. Two years later, brother sells the property to Hun, an unrelated party, for $21,000. What is brother”s recognized gain or loss on the sale of the property? A. $0. B. $2,000. C. $4,000. D. ($2,000).