On January 15 of the current year, Joyce, age 24, receives stock worth $28,000 as a gift from her parents. Her parents jointly purchased the stock six years ago for $12,000. During the year, Joyce receives $2,100 dividend income on the stock. In December, she sells the stock for $39,000. In a Word Document, respond to the following questions using 2016 tax regulations: a) Assuming this is Joyce’s only income for the year, and her parents are in the 33 percent marginal tax bracket, how much income tax does the family save as a result of this gift? Show your calculations. b) Are there any transfer taxes as a result of this gift? Explain. Show your calculations. Review the applicable tax publications and forms and respond in a Word Document to the Unit 4: Final Dropbox. View the rubric below for grading details
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