(Solved): Bart is the favorite nephew of his aunt Thelma. Thelma transferred several items of value to Bart. ...

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. Note: Leave no onswer biank. Enter zero if applicable. Required: o. Theima gave Bart an auto worth $$\$22,000$$. Theima purchased the auto three years ago for $$\$17,000$$ b. Theima elects to cancel a life insurance policy and gives the cash surrender value of $$\$15,000$$ to Bart. c. Bart is the beneficiary of a $$\$100,000$$ whole life insurance policy on the life of Theima. Theima died this year, and Bart received $$\$100,000$$ in cash. d. Bart inherited 500 shares of stock from Thelma's estate. Thelma purchased the shares many years ago for $$\$1,200$$, and the share are worth $$\$45,000$$ at her death. Complete this question by entering your answers in the tabs below. Thelma gave Bart an auto worth $$\$22,000$$. Theima purchased the auto three years ago for $$\$17,000$$. Bart is the favorite nephew of his aunt Theima. Theima transferred several items of value to Bart. For each of the following. transactions, defermine the effect on Bart's gross income. Note: Leove no answer blank. Enter zero if opplicable. Required: 6. Thelma gave Bart an auto worth \$22,000. Theima purchased the auto thiee years ago for $$\$17,000$$ b. Theima elects to cancel a life insurance policy and gives the cash surrender value of $$\$15.000$$ to Bart. c. Bart is the beneficiary of a $$\$100,000$$ whole life insurance policy on the life of Thelma Theima died this year, andi Bart recelved $$\$100,000$$ in cash. d. Bart inherited 500 shares of stock from Theima's estate. Theima purchased the shares many years ago for $$\$1,200$$, and the share: are worth $$\$45,000$$ at her death. Complete this question by entering your answers in the tabs below. Thelma elects to cancel a life insurance policy and gives the cash surrender value of $$\$15,000$$ to Bart. Bart is the favorite nephew of his aunt Theima. Theima transferred several items of value to Bart. For each of the following transactions, determine the effect on Bart's gross income Note: Leove no answer blank. Enter zero if applicable. Required: a. Theima gave Bart an auto worth $$\$22.000$$. Theima purchased the auto three years ago for $$\$17,000$$. b. Theima elects to cancel a life insurance policy and gives the cash surrender value of $$\$15,000$$ to Bart. c. Bart is the beneficiary of a $$\$100,000$$ whole life insurance policy on the life of Thelma. Thelma died this year, and Bart received $$\$100000$$ in cash. d. Bart inherited 500 shares of stock from Thelma's estate. Theima purchased the shares many years ago for $$\$1,200$$, and the shares are worth $$\$45,000$$ at her death. Complete this question by entering your answers in the tabs below. Bart is the beneficiary of a $$\$100,050$$ whole life insurance policy on the life of Theima. Theima died this year, and Bart received $$\$100,000$$ in cash. Bart is the favorite nephew of his aunt. Theima. Thelma transferred several items of value to Bart. For each of the following transactions, determine the effect on Bart's gross income. Note: Leave no onswer blonk. Enter zero if applicable. Required: 0. Thelma gave Bart an auto worth $$\$22,000$$. Theima purchased the auto three years ago for $$\$17,000$$. b. Theima elects to cancel a life insurance policy and gives the cash surrender value of $$\$15,000$$ to Bart: c. Bart is the beneficiary of a $$\$100,000$$ whole life insurance policy on the life of Theima. Theima died this year, and Bart received $$\$100,000$$ in cash. d. Bart inherited 500 shares of stock from Thelma's estate. Thelma purchased the shares many years ago for $$\$1,200$$, and the share are worth $$\$45,000$$ at her death. Complete this question by entering your answers in the tabs below. Bart inherited 500 shares of stock from Thelma's estate. Thelma purchased the shares many years ago for $$\$1,200$$, and the shares are worth $$\$45,000$$ at her death.