I bought a studio for my friend or loved one and we are no longer together. Can I give it to them or can you give them a new one while I delete this one?

No.  Although it is unfortunate that you and your friend are no longer acquainted, we will not transfer ownership of a studio or any other copyable item to another avatar.  It is nice of you to offer to delete the item from your inventory, but we have no way of verifying that you did so.  So to prevent abuse we will not provide free items for friends after a break up.