Benson received 1,200 shares of Boston Corporation stock from his uncle as a gift on July 20, 2021, when the stock had a $300,000 fair market value (FMV). His uncle paid $168,000 for the stock on April 12, 2005. The taxable gift was $300,000, because his uncle made another gift to Benson for $35,000 in January and used the annual exclusion. The uncle paid a gift tax of $60,000. Without considering the transactions below, Benson's AGI is $80,000 in 2022 , No other transactions involving capital assets occur during the year. Read the requirement