Josephine gave her son, Shane 700 shares of Creative Marketing, Inc. common stock on May 26, 2012. Josephine originally paid $9,000 for the stock on April 15, 2012. At the date of the gift, the fair market value of the stock was $8, 500. If no gift tax is paid and Shane sells the stock for $5, 500 on May 26, 2013, he will recognize: a short-term capital loss. a long-term capital loss. an ordinary loss. no loss because Josephine already recognized the loss when she gave the stock to Shane. On June 1 of the current year, Jack and Angie purchased a rental beach house for $900,000 and rented it right away. Of that amount, $600,000 was for the land value. How much depreciation deduction can Jack and Angie take in the current year? (You may need to refer to the depreciation tables.) $5, 910 $10, 909 $11, 820 $17, 730