Question
1.Stephanie received 100 shares of ZYX Corp. stock with a fair market value of $30,000 as of the date of the gift from her aunt.
1.Stephanie received 100 shares of ZYX Corp. stock with a fair market value of $30,000 as of the date of the gift from her aunt. Her Aunt's basis in the ZYX Corp. stock was $60,000. Her Aunt paid $1,500 of gift tax. Stephanie sold the stock for $45,000. What is Stephanie's recognized gain or loss?
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Foundations of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
10th Canadian edition
1259261018, 1259261015, 978-1259024979
