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12. Compute the donee's basis for income tax purposes in the following situation: Lee Ruslter bought stock for $50,000. He gave it to his daughter
12. Compute the donee's basis for income tax purposes in the following situation: Lee Ruslter bought stock for $50,000. He gave it to his daughter when it was already worth $150,000. Lee paid $38,800 in gift taxes on the transfer. He has already used his basic credit amount for gift tax purposes and his annual exclusion amount for the year of the gift to his daughter
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