16. Lance Lang received 50 shares of $10 par value stock from kandy Rainey in return for performing legal services. The fair market value of the 50 shares was $750. What is Lance's basis in the stock and what amount, if any, is included in his taxable income? 7. Which of the following results in a recognized gain or loss? . Sale of stock, which has an adjusted basis of $5,000, for $7,000. . Sale of a personal auto with an adjusted basis of $10,000 for $12,000. Sale of a personal residence with an adjusted basis of $75.000 for $65.000