Sybil gave her son Todd 1,000 shares of XYZ stock on January 16,2015.The stock's high and low selling prices that day were $55 and $53.Sybil had purchased the stock in 2012 for $70 per share.At the end of 2015,Todd sold the shares for $62,000.Provide the details of both income and gift tax effects for these events.

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The Answer of Sybil gave her son Todd 1,000 shares of XYZ stock on January 16,2015.The stock's high and low selling prices that day were $55 and $53.Sybil had purchased the stock in 2012 for $70 per share.At the end of 2015,Todd sold the shares for $62,000.Provide the details of both income and gift tax effects for these events.

Sybil Gave Her Son Todd 1,000 Shares of XYZ Stock