Your parents gave you $41,000 worth of Apple stock in 2014. In 2016, the shares are worth $66,000. (The gift tax annual exclusion is $28,000 for 2014 and 2016.)

a. What is the taxable amount for the gift tax in 2014?

b. By what amount was your parents estate value reduced after giving you this gift?

Value of estate reduction in 2014:

c. What would the taxable amount of the gift be if your parents waited until 2016 to give you the Apple stock?