1)

Samantha made the following gifts to her son this year:

A stock portfolio with an adjusted basis of $100,000 and a fair market value of $150,000. An auto with an adjusted basis of $12,000 and a fair market value of $8,000. An interest-free loan of $10,000 on January 1. Her son had no investment income during the year and the applicable federal rate is 4%. What is the total value of Samanthas taxable gifts to her son this year?

$160,000 $150,000 $158,000 $142,000

2)

Jordy gave stock he owned for 5 years to his son, Kyle. At the time of the gift the stock had a FMV of $30,000 and an adjusted basis of $60,000. If Kyle sells the stock for $55,000 one week after receiving it, what is his gain or loss?

No gain/no loss $25,000 short-term capital gain $25,000 long-term capital gain $5,000 short-term capital loss

3)

Janie, whose AGI is $100,000, makes a gift of stock (FMV: $80,000, adjusted basis: $30,000) to her church. How much may she deduct if this is her only charitable gift this year?

$80,000 $50,000 with $30,000 carried forward $30,000 with $50,000 carried forward $24,000 with $56,000 carried forward