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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 blank. Enter zero lf applicable. Required: 0. Thelma gave Bart an auto worth $29,200. Theima purchased the auto three years ago for $23,000. b. Theima elects to cancel a iife insurance policy and gives the cash surrender value of $18,600 to Bart. c. Bart is the beneficiary of a $160,000 whole life insurance policy on the life of Thelma. Theima died this year, and Bart received $160.000 in cash. d. Bart inherited 500 shares of stock from Theima's estate. Theima purchased the shares many years ago for $2,400, and the share are worth $69,000 at her death. Complete this question by entering your answers in the tabs below. Thelma gave Bart an auto worth 529,200 . Thelma purchased the auto three years ago for 423,000. 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: Leave no answer blank. Enter zero lf appllcable. Required: a. Thelma gave Bart an auto worth $29,200. Thelma purchased the auto three years ago for $23,000. b. Theima elects to cancel a iffe insurance policy and gives the cash surrender value of $18,600 to Bart. c. Bartis the beneficlary of a $160,000 whole life insurance policy on the life of Theima. Theima dled this year, and Bart recelved $160,000 in cash. d. Bart inherited 500 shares of stock from Theima's estate. Theima purchased the shares many years ago for $2,400, and the shares are woith $69.000 at her death. Complete this question by entering your answere in the tabs below. Theime elegty fo cancel a life inturance policy ond gives the cabh surcender value of 5tlt,600 to Earti Bart is the favorite nephew of his aunt Thelma. Theima transferred several items of value to Bart. For each of the following transactions, determine the effect on Bart's gross income. Note: Leave no answer blenk. Enter zero If applicable. Required: o. Thelma gave Bart an auto worth $29,200. Thelma purchased the auto-three years ago for $23,000. b. Theima elects to cancel a ilfe insurance policy and gives the cash surrender value of $18,600 to Bart. c. Bart is the beneficiary of a $160,000 whole life insurance policy on the life of Thelma. Thelma died this year, and Bart received $160,000 in cash. d. Bart inherited 500 shares of stock from Thelma's estate. Theima purchased the shares many years ago for 52,400 and the shares are worth $69,000 st her death Complete this question by entering your answers in the tabs below. 8160,000 in eash. Bart is the favorite nephew of his aunt Thelma. Theima transferred several items of value to Bart. For each of the following transactions, determine the effect on Bart's gross income Note: Leave no answer blenk. Enter zero lf applicable. Required: o. Theima gave Bart an auto worth $29,200. Theima purchased the auto three years ago for $23,000. b. Theima elects to cancel a life insurance policy and gives the cash surrender value of $18,600 to Bart c. Bart is the beneficiary of a $160.000 whole life insurance policy on the Mfe of Theima. Thelma died this year, and Bart recelved $160000 in cash. d. Boft inhented 500 shares of stock from Theima's estate. Theima purchased the shares many years ago for $2400, and the shares areworth $69,000 ot her death. Complete this question by entering your answers in the tabs below

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