Tax consequence for selling a property below FMV

[UCDAggies]

If you sell a property with a FMV of 100K to a friend for a discounted price of 25K, what are the tax implications and problems you could run into with the IRS. For both you and your friend.

 

[novasatori]

pretty sure your friend will owe tax on 75k
not sure about the consequences/benefits for you, none I guess

however, I don't really know and this is just a guess