3art is the favorite nephew of his aunt Thelma. Theima transferred several items of value to Bart. For each of the following ransactions, determine the effect on Bart's gross income. Note: Leave no answer blank. Enter zero if applicable. Required: Thelma gave Bart an auto worth $25,900. Theima purchased the auto three years ago for $20,250. 3. Thelma elects to cancel a life insurance policy and gives the cash surrender value of $16,950 to Bart. c. Bart is the beneficiary of a $132,500 whole life insurance policy on the life of Theima. Theima died this year, and Bart received $132,500 in cash. d. Bart inherited 500 shares of stock from Theima's estate. Theima purchased the shares many years ago for $1,850, and the shares are worth $58,000 at her death. Complete this question by entering your answers in the tabs below. Theima gave Bart an auto worth $25,900. Theima purchased the auto three years ago for $20,250. Theima gave Bart an auto worth $25,900. Thelma purchased the auto three years ago for $20,250. Thelma elects to cancel a life insurance policy and gives the cash surrender value of $16,950 to Bart. : Bart is the beneficiary of a $132,500 whole life insurance policy on the life of Thelma. Thelma died this yea $132,500 in cash. d. Bart inherited 500 shares of stock from Thelma's estate. Thelma purchased the shares many years ago for are worth $58,000 at her death. Complete this question by entering your answers in the tabs below. Thelma gave Bart an auto worth $25,900. Thelma purchased the auto three years ago for $20,250. Thelma gave Bart an auto worth $25,900. Thelma purchased the auto three years ago for $20,250. Theima elects to cancel a life insurance policy and gives the cash surrender value of $16,950 to Bart. Bart is the beneficiary of a $132,500 whole life insurance policy on the life of Thelma. Thelma died this year, $132,500 in cash. Bart inherited 500 shares of stock from Thelma's estate. Thelma purchased the shares many years ago for $ are worth $58,000 at her death. Complete this question by entering your answers in the tabs below. Theima elects to cancel a life insurance policy and gives the cash surrender value of $16,950 to Bart. equired: Thelma gave Bart an auto worth $25,900. Theima purchased the auto three years ago for $20,250. Thelma elects to cancel a life insurance policy and gives the cash surrender value of $16,950 to Bart. Bart is the beneficiary of a $132,500 whole life insurance policy on the life of Thelma. Thelma died this year, and Bart receiv $132,500 in cash. d. Bart inherited 500 shares of stock from Theima's estate. Theima purchased the shares many years ago for $1,850, and the are worth $58,000 at her death. Complete this question by entering your answers in the tabs below. Bart is the beneficiary of a $132,500 whole life insurance policy on the life of Theima. Thelma died this year, and Bart recelved $132,500 in cash. Theima gave Bart an auto worth $25,900. Theima purchased the auto three years ago for $20,250. Thelma elects to cancel a life insurance policy and gives the cash surrender value of $16,950 to Bart. Bart is the beneficiary of a $132,500 whole life insurance policy on the life of Theima. Thelma died this year, and Bart received $132,500 in cash. Bart inherited 500 shares of stock from Theima's estate. Theima purchased the shares many years ago for $1,850, and the shar are worth $58,000 at her death. Complete this question by entering your answers in the tabs below. Bart inherited 500 shares of stock from Theima's estate. Theima purchased the shares many years ago for $1,850, and the shares are worth $58,000 at her death