51. Ralph gives his daughter, Angela, stock (basis of $6,000, fair market value of 5,000), No gift tax results. If Angela subsequently sells the stock for $10,000, her Recognized Gain is: A. zero C. $4,000 E. none of the above B. $5,000 D.$10,000 52. Distributions from a Roth IRA are: A. Made with before tax eamings B. Non-taxable when withdrawn at C. always in the amount of $5500 D all of the above per year E. None of the above A. be non-discriminatory C. be subject to a substantial risk of 53. Contributions to a non-qualified deferred compensation plan must: B. make equal contributions for all employees regardless of salary D all of the above forfeiture to avoid current taxation to the covered employee E. none of the above 54. Your friend Sam informs you that he received a tax-free reimbursement in 20x1 of some medical expenses he paid in 20x0. Which of the following statements best explains why Scotty is not required to report the reimbursement in gross income in 20x1? A. Sam itemized deductions in C. Sam itemized deductions in E. Sam itemized deductions in B. Sam did not itemize deductions in 20x0 20x0 20x1 20x0 but not in 20x1. D. Sam did not itemize deductions in 20x1. 55. Mary sells her personal use automobile for $15,000. She purchased the car two years ago for $19,000. What is Mary's allowable loss deduction? A. $4000 C. $2,000 E. None of the above B.$3,000 D.zero 56. Acme, an S corporation, has ($100,000) loss this year, its 100% shareholder George's adjusted basis in Acme at the beginning of the year was $10,000. As a result George's adjusted basis in Acme at the end of the year is: A. zero C.$110,000 E. None of the above B. $10,000 D. ($90,000)