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:
a. Thelma gave Bart an auto worth $22,000. Thelma purchased the auto three years ago for $17,000.
b. Thelma elects to cancel her life insurance policy, and she 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 $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 shares are worth $45,000 at her death.