if you could help with 6 and 7 it would be greatly appricated

STATEMENT OF FINANCIAL POSITION Ike and Rhonda Sumrall Balance Sheet As of December 31 last year ASSETS LIABILITIES \& NET WORTH Cash and cash equivalents Liabilities Cash Savings Account Total invested Assets \begin{tabular}{|rlr} $5 & 500 & Credit Card balance VISA \\ 11,000 & Credit Card balance M/C & $9,000 \\ \hline$11,500 & Student Loan-Ike & 0 \\ & Auto Loan-Rhonda & 45,061 \\ & Furniture Loan & 14,796 \\ 5,000 & & 1,533 \\ 7,200 & & $70,390 \\ 13,900 & & \\ 1,500 & Net Worth Liabilities & \\ \hline$27,600 & & \end{tabular} Use Assets Auto-Rhonda STATEMENT OF CASH FLOWS Ike and Rhonda Sumrall Statement of Cash Flows (Expected to be similar this year) Januarv 1 - December 31 last year - $340 from dividends and $750 from othet investment sources. 6. If Ike and Rhonda sell the K&B stock on this year for the fair market value, what are the income tax consequences? 7. Assuming that Ike and Rhonda decide to sell the Federal Express stock this year for a total price of $5,500, what are the tax consequences of such a sale? STATEMENT OF FINANCIAL POSITION Ike and Rhonda Sumrall Balance Sheet As of December 31 last year ASSETS LIABILITIES \& NET WORTH Cash and cash equivalents Liabilities Cash Savings Account Total invested Assets \begin{tabular}{|rlr} $5 & 500 & Credit Card balance VISA \\ 11,000 & Credit Card balance M/C & $9,000 \\ \hline$11,500 & Student Loan-Ike & 0 \\ & Auto Loan-Rhonda & 45,061 \\ & Furniture Loan & 14,796 \\ 5,000 & & 1,533 \\ 7,200 & & $70,390 \\ 13,900 & & \\ 1,500 & Net Worth Liabilities & \\ \hline$27,600 & & \end{tabular} Use Assets Auto-Rhonda STATEMENT OF CASH FLOWS Ike and Rhonda Sumrall Statement of Cash Flows (Expected to be similar this year) Januarv 1 - December 31 last year - $340 from dividends and $750 from othet investment sources. 6. If Ike and Rhonda sell the K&B stock on this year for the fair market value, what are the income tax consequences? 7. Assuming that Ike and Rhonda decide to sell the Federal Express stock this year for a total price of $5,500, what are the tax consequences of such a sale