How are gains determined upon the sale of land that was given to you years earlier

[Kimboj1958_21]

Father gave land to daughter valued at $24,000. Approximately 30 years later land was sold for $15,000.

Is the basis of the land $24,000.  Does the daughter have to claim any income from sale of land or would it be considered a loss

[AmyC]

Father gave land to daughter, value doesn't matter, how much did Dad pay? Daughter has to claim the sales proceeds, the basis (what Dad paid when he bought it) and determine if there is taxable income.

See Publication 551, Basis of Assets page 9