On February 9, 2014, Harry sold stock with a cost of $12,000 to his sister for $7,000, its fair market value. On market value. On July 30, 2016, sold the same stock for $16, 200 to a friend in a bone fide what is the proper is 2016 for these transactions? Neither Marry nor has a recognized gain or loss. Harry has a recognized loss of $5,000. Florins has a recognized gain of Florins has a recognized gain of $9, 200. None of the above, Bernard, age 16, is a full time student supported by his their tax return for 2016, His 2016 income included the following; Wages from a summer job $2, 300 Interest on savings account 1, 700 Interest on XYZ Crop, bonds 1,000 Assuming Bernard's parents are in the 28% tax bracket, tax liability for 2016 is (round to the nearest dollar): $287. $343. $503. $645. none of the above. Under the terms of a post - 1986 divorce agreement, Lillian is to receive he hone that she and her former husband owned jointly. The house cost $400,000 and now has fair market value of $600,000, Lillian must; Include $400,000 in gross income as alimony. Include $200,000 in gross income as alimony. Include $600,000 in gross income as alimony. Not report any gross income from the payments. None of the above