David received a gift of stock from Ted this year when the stock was worth $24,000. Ted

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David received a gift of stock from Ted this year when the stock was worth $24,000. Ted purchased the stock for $18,000 five years ago and paid $2,000 of gift taxes on the gift. What is David's basis for the stock?

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Taxation For Decision Makers 2014

ISBN: 9781118654545

6th Edition

Authors: Shirley Dennis Escoffier, Karen Fortin

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Question Posted: Mar 22, 2016 03:42 AM

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David received a gift of stock from Ted this year when the stock was worth $24,000. Ted

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18500 David uses Teds basis increased by a portion ...View the full answer

Taxation For Decision Makers 2014

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