Sybil gave her son Todd 1,000 shares of XYZ stock on January 16, 2008. The stock's high and low selling prices that day were $55 and $53. Sybil had purchased the stock in 2007 for $70 per share. At the beginning of 2009, Todd sold the shares for $62,000. Provide the details of both income and gift tax effects for these events.