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2. On January 1, Evelyn transferred a bank account containing $100,000 to Julie, her daughter, as a gift. During the year the bank account earned
2. On January 1, Evelyn transferred a bank account containing $100,000 to Julie, her daughter, as a gift. During the year the bank account earned $5,000 in interest. How much must Julie report?
3. Jan purchased Whiteacre for $50,000. Five years later, when the value of Whiteacrehad decreased to $40,000, she gifted the property to Bonnie. Three years later,Bonnie sold Whiteacre for $60,000.a. What are the tax consequences to Jan?b. How much gain or loss must Bonnie report from the sale of Whiteacre?
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