T received restricted stock in 2019 from his employer for services rendered. The restriction required T to remain employed for one additional year, otherwise the stock would be forfeited. T was prohibited from selling the stock during that one-year period. The value of the stock at the time received was $8,000. In 2020, when the restrictions lapsed, the stock was worth $50,000. T has not sold the stock.

A. Assuming no 83(b) election was made, indicate the amount of income, if any, that would be taxable in each year: (Put a $0 on the line if no income needs to be reported.) 2019 Taxable Income ________________ 2020 Taxable Income ________________

B. Assuming T made the 83(b) election, indicate the amount of income, if any, that would be taxable in each year: (Put a $0 on the line if no income needs to be reported.) 2019 Taxable Income_______________ 2020 Taxable Income_______________