Howard transferred publicly traded stock valued at 110,000 to the Museum of Science for 55,000 cash. Howard's basis in the stock is 12,000, and he had held the stock for more than a year.?This is his only gift for the year. Because this meets the definition of a bargain sale, which of the following is correct? Howard may not claim a charitable contibution of 55,000 on his income tax return(subject to any applicable limitations), Howard is required to report the gift on form 709, Howard must report capital gain on his income tax return of 49,000(55,000 cash received-6,000 allocable basis), Howard is not required to file a gift tax return due to the fact that his gift was only 12,000.