Please answer below questions correctly asap

1. Linda Mae bought a classic car in Year 1 for $25,000. On April 18, Year 4, Linda made a bona fide gift of the car to her friend Gregg when the car was valued at $24,000. Gregg held the car until December 15, Year 4, when he sold it for $28,000. No gift tax was paid on the transfer. What is the gain or loss Gregg should include in his adjusted gross income for Year 4?

• A.$3,000 short-term capital gain.

• B.$4,000 long-term capital gain.

• C.$4,000 short-term capital gain.

• D.$3,000 long-term capital gain.

2. Mr. Ds capital losses for the current year exceeded the $3,000 capital loss limitation. He may elect to carry the unused capital loss back to an earlier year.

• A.True.

• B.False.

3.

Katherine purchased 100 shares of Kinder Company stock on January 15, Year 1, for $9,900. On October 1, Year 2, she received a 20% nontaxable stock dividend, and on November 20, Year 3, the stock split three for one. Katherine sold 100 shares of the Kinder stock on March 1, Year 4, for $4,750. What is Katherines recognized gain or loss on this transaction for Year 4?

• A.$4,750 long-term capital gain.

• B.$2,000 long-term capital gain.

• C.$4,750 short-term capital gain

• D.$5,150 long-term capital loss.

4.

Dave Nowie purchased 50 shares of Gem Company stock in November, Year 1, for $2,640. The following information reflects the activities of the Gem Company stock in Year 3:

January 15, Year 3	10% nontaxable stock dividend
April 5, Year 3	20% nontaxable stock dividend
July 5, Year 3	2-for-1 split

On October 3, Year 3, Dave sold 20 shares of Gem Company stock for $500. What are the amount and the character of the gain or loss Dave must recognize on his Year 3 tax return?

• A.$500 long-term capital gain.

• B.$233 short-term capital gain.

• C.$100 long-term capital gain.

• D.$394 short-term capital gain.

5. Liam Brown frequently traded on the stock market. On November 1, Year 1, when stock prices were very high, Brown sold short (sold without owning any stock by borrowing from the broker) 100 shares of Ducko, Inc., at $80 per share. On July 1, Year 2, Brown purchased 100 shares of Ducko for $50 per share and delivered them on December 1, Year 2. Brown also purchased 100 shares of High Tech, Inc., on February 1, Year 1, for $60 per share. He sold 100 shares of High Tech short on December 1, Year 1, at $100 per share. Brown delivered these 100 shares on September 1, Year 2. Brown is in the 35% income tax bracket. What is Browns gain on the sales?

• A.$4,000 short-term capital gain in Year 1, and $3,000 short-term capital gain in Year 2.

• B.$7,000 long-term capital gain in Year 1.

• C.$7,000 short-term capital gain in Year 2.

• D.$3,000 long-term capital gain in Year 1, and $4,000 short-term capital gain in Year 2.

please answer asap