For each of the following independent transactions, determine the minimum amount of net income or loss for tax purposes and the taxpayer to which it applies. 1 An individual purchases a $10,000 bond for their 15-year-old daughter. During the year, the bond pays interest of $1,000. Person who reports taxable income Taxable income Type of Income An individual pays $15,000 for shares of a public corporation, which they later gift to their spouse. At the 2 time of the gift, the shares had a value of $30,000. After receiving the gift, the spouse receives a dividend of $1,000 and then sells the shares for $26,000. Person who reports taxable income Taxable income Type of Income A student who is 20 years old borrowed $20,000 from their parent and uses the funds to purchase shares 3 in a public corporation. After receiving a dividend of $1,000, the student sells the shares for $24,000. The interest rate on the loan equals the prescribed rate. Person who reports taxable income Taxable income Type of Income A student who is 17 years old receives an interest-free loan of $20,000 from their parent and uses the 4 funds to purchase shares in a public corporation. After receiving a dividend of $1,000, the student sells the shares for $24,000. Person who reports taxable income Taxable income Type of Income