Early in the current year, Jerry gifted shares of a private corporation to his 16-year-old son. Jerry paid $10,000 for the shares. They were worth $45,000 at the time of the gift. After receiving the gift, his son received dividends of $2,900 on the shares. Also in the current year, Jerry sells shares of a public corporation to his wife for $14,000. The shares, which had a value of $18,000 at the time of the sale, originally cost $7,000. Jerrys wife received dividends of $900 on these shares. Assume that the wife elected out of the 73(1) rollover. Determine the tax consequences of these transactions