Sybil gave her son Todd 1,000 shares of XYZ stock on January 16, 2017. The stock's high and low selling prices that day were $55 and $53. Sybil had purchased the stock in 2014 for $70 per share. At the end of 2017, 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, 2017. The stock's high and low selling prices that day were $55 and $53. Sybil had purchased the stock in 2014 for $70 per share. At the end of 2017, 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