Andy "Nard Dog" Bernard recently graduated from Cornell. As a graduation gift, Nard Dog's Father gave him the family's old Toyota Prius because, according to the father, "the Ferarri feels more like your brother and the old Prius seems more your style." The Prius was originally purchased 8 years ago for $33,000 and today it is worth $16,000. Is the gift taxable to Andy? If so, how much is taxable? Cite at least one section of the Internal Revenue Code to support your answer. Is the gift taxable to to the father? If so, how much is taxable? Cite at least one section of the Internal Revenue Code to support your answer. If the father sold the Prius and gave the proceeds as a gift to Andy would the gift be taxable to either Andy or the Father? If so, how much would be taxable? Cite at least one section of the Internal Revenue Code to support your answer.