Recognition of Transactions Treated as Gifts. Determine the amount of the completed gift, if any, arising from each of the following occurrences. a. A parent sells real estate valued at $1.8 million to an adult child, who pays $1 million in consideration. b. A furniture store holds a clearance sale and sells a customer a $5,000 living room suite for $1,500 c. During the year, a father purchases food and clothing costing $8,500 for his minor child. d. A citizen contributes $1,500 cash to a political organization e. Zeke lends $600,000 interest fee to Henry, who signs a demand note on August 1. Assume 6% is the applicable interest rate and the note remains unpaid at year-end