Kathleen received land as a gift from her grandfather. At the time of the gift, the land had a FMV of $105,000 and an adjusted basis of $85,000 to Kathleen's grandfather. The grandfather did no have any gift taxes due. One year later, Kathleen sold the land for $110,000. What was her gain or loss on this transaction? a) ($5,000) b) $25,000 c) no gain or loss d) $20,000