Scroll down to complete all parts of this task. Several clients completed transactions in Year 2 pertaining to gifts they received in Year 2. Assume that all individuals are unrela unless otherwise specified. For each gift in column A and the associated transaction in column B listed below: In column C, enter the amount of the gift subject to tax for Year 2. In column D, enter the amount of gain (loss) recognized as a result of the transaction, if any. Enter gains as positive whole values and losses as negative whole values. If there is no recognized gain (loss), enter a zero (0). Ignore any gift tax annual exclusion. A B D 1 Year 2 Gain (Loss) Transaction Year 2 Gift Amount Subject to Tax Recognized on Transaction 123 123 2 3 Gift On January 10, Year 2, Joe gave his wife, Dale, a diamond necklace with a fair market value of $11,000. Joe received the necklace in Year 1 as part of an inheritance when the basis was $5,000 and the fair market value was $8,500. No gift tax was paid. On March 15, Year 2, Todd gave Sara property with a fair market value of $200,000 when the adjusted basis was $160,000. Upon transfer, Todd paid $66,600 of gift tax related to the gift. On February 15, Year 2, Ruby gave Mark land 4 valued at $90,000. Ruby's adjusted basis in the property was $80,000. No gift tax was paid. 5 On May 1, Year 2, Johann gave Jeff 1,000 shares of stock when the shares were valued at $15 per share. Johann's basis was $22,000. No gift tax was paid. Dale sold the necklace on December 10, Year 2, for $14,200. Sara later sold the property on November 11, Year 2, for $250,000. On December 22, Year, 2, Mark sold the property for $115,000. On May 15, Year 2, Jeff sold 400 shares for $13 per share. 23 123 123 23 123 123 123 123