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5. Mom sold stock to her son in 2020 for $20,000 (the FMV of the stock). Mom paid $35,000 for the stock 5 years earlier.

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5. Mom sold stock to her son in 2020 for $20,000 (the FMV of the stock). Mom paid $35,000 for the stock 5 years earlier. Son sold the stock in 2021 for $50,000. How much gain or loss should son recognize in 2021? 6. Assume the same facts as in (5) above except son sold the stock for $30,000. Now how much gain or loss should son recognize in 2021

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