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2. On May 15, 2020, Diane received a gift of 100 shares of stock from Fred. Fred had originally purchased the stock in 1991
2. On May 15, 2020, Diane received a gift of 100 shares of stock from Fred. Fred had originally purchased the stock in 1991 for $20,000. At the time of the gift, the fair market value of the stock was $50,000. On November 30, 2020, Diane sold the stock for $52,000. What is the amount and character of Diane's recognized gain or loss on the sale?
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Forensic Accounting
Authors: Robert Rufus, Laura Miller, William Hahn
1st Edition
133427528, 133050475, 9780133427523, 978-0133050479
