Question
Anna received 100 shares of Foxtrot stock as a gift from her father on November 15, Year 2, when the fair market value (FMV) of
Anna received 100 shares of Foxtrot stock as a gift from her father on November 15, Year 2, when the fair market value (FMV) of the stock was $20 per share. Her father had purchased the stock on January 15, Year 2, for $17 per share. Anna sold the 100 shares of Foxtrot stock on May 31, Year 3, for $18 per share. What was Anna's tax basis in the 100 shares? Question Blank 1 of 1
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CCH Federal Taxation Basic Principles 2020
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
2020 Edition
0808051784, 9780808051787
