Just prior to a major medical procedure, Cody gives his son, Liam, stock in Robin Corporation (fair market value of $2,238,600 and basis of $3,134,040). At the time of the gift, Cody held some unused capital losses. The surgery is unsuccessful, and after Cody's death, Liam sells the stock for $3,447,444. a. What is the income tax result for Liam? Gain Feedback Check My Work One of the ways to carry out family tax planning is to start a program of lifetime giving. The objectives of such a program are to minimize transfer taxes while keeping income tax consequences in mind. b. What if the gift had not been made and the stock passed to Liam as a bequest from Cody? Gain Feedback Check My Work Partially correct Feedback Check My Work Partially correct