Early in the current year, Alex gifted shares of a public corporation to his 16-year-old son. Alex had paid $1,000 for the shares. They were worth $15,000 at the time of the gift. After receiving the gift, his son received dividends of $800 on the shares. Also in the current year, Alex sold shares of a public corporation to his wife. The shares, which had a value of $10,000 at the time of the sale, originally cost $2,000. Alex sold them to his wife for $7,000. His wife received dividends of $500 on these shares.
Determine the tax consequences of these transactions. Income tax reference: ITA 69(1), 73(1), 74.1, 74.2.