You are a CPA working for a local firm and have been assigned the 2013 tax return of Bobby Crosser.

You are a CPA working for a local firm and have been assigned the 2013 tax return of Bobby Crosser. In going over the data that Bobby gave the firm, you are surprisedto see that he has reported no dividend income or gains from the sale of stock. You recently prepared the 2013 gift tax return of Bobby’s aunt Esther. In that return, Esther reported a gift of stock to Bobby on January 6, 2013. The stockhad a fair market value of $50,000, and Esther’s basis in the stock (which became Bobby’s basis) was $5,000. What are your obligations under the Statements on Standards for Tax Services (which can be found at www.cengagebrain.com)? In your discussion, state which standard(s) may apply to this situation and what might result from applying the standard(s).Respond to the Ethics Discussion Case at the end of chapter 4. Appendix D is not available, but the Statements on Standards for Tax Services can be obtained from http://www.aicpa.org/Research/Standards/Tax/Pages/default.aspx.