Required information Skip to question [The following information applies to the questions displayed below.] Bart is the favorite nephew of his aunt Thelma. Thelma transferred several items of value to Bart. For each of the following transactions, determine the effect on Bart’s gross income. (Leave no answer blank. Enter zero if applicable.) a. Thelma gave Bart an auto worth $26,500. Thelma purchased the auto three years ago for $20,750.

Clara received from her Aunt Sona property with a FMV at the date of the gift of $30,000. Aunt Sona purchased the property five years ago for $35,000. If Clara sold the property for $33,000, what is her gain or loss on the sale?

Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $305,000. He sold the home on January 1, 2020, for $326,400. How much gain must Troy recognize on his home sale in each of the following alternative situations?   d. Troy rented out the home from January 1, 2007, through December 31, 2015. He lived in the home as his principal residence from January 1, 2016, through December 31, 2016. He rented out the home from January 1, 2017, through December 31, 2017, and lived in the home as his principal residence from January 1, 2018, through the date of the sale. Assume accumulated depreciation on the home at the time of sale was $0.

1 Corinne sells the following personal items in 2021: Necklace: Corinne purchased a necklace for $800 a few years ago and sells it for $1,200 in 2020. Antique Desk: Corinne had an antique desk that she bought a number of years ago for $1,050. In 2021, she was able to sell the desk to an antique dealer for $1,300. Rare Manuscript: Corinne sold a rare manuscript to a museum in 2021 for $1,300. She had acquired it many years ago for $1,800. Bicycle: Corinne sold her beloved mountain bike for $800 in 2021. She had purchased the premium bike a few years Assume Corinne has no other capital gains or losses in 2021. Required: A. Calculate any Taxable Capital Gain or Allowable Capital Loss (enter a 0 if none) that Corinne will include in her 2021 Net Income for Tax Purposes calculation with respect to each item. If the item is Personal Use Property, enter your answer in the PUP column. If the item is Listed Personal Property, enter your answer into the LPP column. Leave any unused squares…

Sarah (single) purchased a home on January 1, 2008, for $600,000. She eventually sold the home for $800,000. What amount of the $200,000 gain on the sale does Sarah recognize in each of the following alternative situations? (Assume accumulated depreciation on the home is $0 at the time of the sale.) Note: Leave no answer blank. Enter zero if applicable. a. Sarah used the home as her principal residence through December 31, 2019. She used the home as a vacation home from January 1, 2020, until she sold it on January 1, 2023. Answer is complete but not entirely correct. Gain recognized $ 50,000

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Voytek transfers land worth $200,000 with an adjusted basis of $17,000 to his wife Gosha for her birthday. The land was purchased 3 years ago. Assume no gift tax was paid on the transfer. a) Does Gosha have gross income as a result of the gift? Yes or No. No?   b If the answer is no, Explain why.   c)What is Gosha basis in the land?   d)What is Gosha holding period in the land?

Natalie Bryan, a single adult who lives at 425 Flathead Way, Kalispell, Montana 59901, has three adult children (Daniel Bryan, Amanda Green, and Samantha Cruz). During the year, Natalie makes the following gifts to the children: To Daniel. Office building, I Helena acquired in 2011 at a cost of $900,000, current value $1,900,000. To Amanda. Rental cabins in Whitefish inherited in 2009 (value $1,000,000) from her father, current value $1,800,000. To Samantha. Vacation lodge on Flathead Lake acquired in 2015 at a cost of $800,000, current value $1,900,000. Requirements: Prepare 2022 gift tax return (Form 709) for Natalie (Social Security number 112-45-6787) to compute the total taxable gifts (line 3) for her; stop with line 3 of page 1, but complete page 2 and 3 of the return. Natalie made no taxable gifts in prior years.