In 2017, Holly received a gifted land from her aunt (donor's adjusted basis was $98,000) and the fair market value was $112,000 on the date of gift. This year, Holly sold this land for $102,000. What is Holly's basis in the land and her recognized gain or loss?
A. $98,000, and a gain of $4,000B. $112,000, and a loss of $10,000C. $102,000, and a gain of $4,000D. $102,000, and no gain and loss is recognized. E. None of these.
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