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Several years ago Doug invested $21,500 in stock. This year he gave his daughter Tina the stock on a day it was valued at $19,200.

Several years ago Doug invested $21,500 in stock. This year he gave his daughter Tina the stock on a day it was valued at $19,200. She promptly sold it for $18,200. Assume Doug is not married and does not support Tina, who is 28. Required:

a. Determine the amount of the taxable gift.

b. Calculate the amount of taxable gain or loss, if any, for Tina.

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