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Based on United States Federal taxes QUESTION 13 Sid gave Rob a gift of stock in 2021. Sid's basis in it was $22,000 and it
Based on United States Federal taxes
QUESTION 13 Sid gave Rob a gift of stock in 2021. Sid's basis in it was $22,000 and it was worth $15,000 at the time of the gift. Rob sold it for $24,000. How much gain or loss will result from the sale? Zero. $2,000 gain. $7.000 gain. $9,000 gain. QUESTION 14 Sarah and Bobby got married in 2019. They file a joint return each year. They sold the home they live in together in 2020 because they found a nicer one in their neighborhood. Bobby was the sole owner of the home. His basis was $100,000 and it was sold for $660,000. Bobby owned it and lived in it for 10 years. Sarah moved in with him when they got married, but only lived in it for 18 months before it was sold. How much gain is taxed on the sale? O $60,000. $250,000. $310,000. O $500,000
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