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liability on the sale of the stock you would advise that George and Edith sell the shares and give the proceeds to Albert net of taxes. Give the shares as a gift to Albert and let him sell the shares and then pay taxes at the parent's tax rate. Give the shares as a gift to Albert and let him subsequently sell the stock. He will not pay any taxes on the gain since he is in the 0% tax bracket for long term capital gains. Give the shares as a gift to Albert and let him immediately sell the shares. He will pay taxes at a 10% tax rate on the sale of the stock since he will have owned the stock for less than one year. QUESTION 6 $12,000 $77,000 $22,000 $0 QUESTION 7 to take advantage of the Section 121 exclusion of gain on the sale of a principal residence available to married couples filing a joint return. In order to claim the exclusion you would tell them: They must buy another principal residence within 2 years of the sale of the old residence. They cannot buy another residence prior to selling the old residence. They cannot claim the exclusion because the $600,000 expected gain is greater than the maximum $500,000 exclusion allowed for married couples. QUESTION 8 $80,000 gain \$0 $50,000 loss $50,000 gain