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A Dad sells stock to child for 50,000. The Dad paid 60,000 for stock. The child sells stock for 80,000. What are the tax consequences

A Dad sells stock to child for 50,000. The Dad paid 60,000 for stock. The child sells stock for 80,000.

What are the tax consequences to both Dad and child?

What if instead the child late sells stock for only 54,000?

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