During the current year, norman contributed investment property held for over one year to the mary ann partnership for a 40 percent interest in partnership capital and profits. his tax basis in the property contributed was $8,000, and the property had a fair market value of $10,000 on the date of the contribution to the partnership. what gain or loss should norman report as a result of the contribution of the property to the partnership in exchange for the 40 percent partnership interest?

Cosmetic profits. sally is the executive vice president of big name cosmetics company. through important and material, nonpublic information, she learns that the company is soon going to purchase a smaller chain of stores. it is expected that stock in big name cosmetics will rise dramatically at that point. sally immediately buys a number of shares of her company's stock. she also tells her friend alice about the expected purchase of stores. alice wanted to purchase stock in the company but lacked the funds with which to do so. although she did not have the funds in bank a, alice decided to draw a check on bank a and deposit the check in bank b and then proceed to write a check on bank b to cover the purchase of the stock. she hoped that she would have sufficient funds to deposit before the check was presented for payment. of which of the following offenses, if any, is alice guilty of by buying stock?