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# Using the following independent situations, answer the following questions: Situation #1 Clara received from her Aunt Sona, property with a FMV at...

Using the following independent situations, answer the following questions:

Situation #1

Clara received from her Aunt Sona, property with a FMV at the date of the gift of $51,400. Aunt Sona purchased the property five years ago for $44,300. Clara sold the property for $53,500. Assume Aunt Sona does not have MAGI of over $200,000.

**What is the basis to Clara?****What is Clara's gain on the sale?****If Clara is in the 33% tax bracket, what is the tax on the gain (assuming she has no other gains/losses to be netted)?****If Clara is in the 15% tax bracket, what is the**