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Several years ago Doug invested $24,500 in stock. This year he gave his daughter Tina the stock on a day it was valued at $22,450.

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Several years ago Doug invested $24,500 in stock. This year he gave his daughter Tina the stock on a day it was valued at $22,450. She promptly sold it for $19,750. 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. a. Amount of taxable gift

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