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5. Travis sold 500 shares of Apple Stock to Kendall his brother, for the fair market value of the stock. Travis had paid $6,000 for
5. Travis sold 500 shares of Apple Stock to Kendall his brother, for the fair market value of the stock. Travis had paid $6,000 for the stock six years ago. Calculate Travis' and Kendall's gain or loss under the following circumstances: a. Travis sold the shares to Kendall for $4,000. One year later Kendall sold the same stock for $3,000. b. Travis sold the shares to Kendall for $9,000. One year later, Kendall sold the same stock for $5,000. c. Travis sold the shares to Kendall for $4,000. One year later, Kendall sold the same stock for $8,000
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