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Benson received 700 shares of Jackson Corporation stock from his uncle as a gift on July 20, 2021, when the stock had a $171,500 fair
Benson received 700 shares of Jackson Corporation stock from his uncle as a gift on July 20, 2021, when the stock had a $171,500 fair market value (FMV). His uncle paid $87,500 for the stock on April 12, 2005. The taxable gift was $171,500, because his uncle made another gift to Benson for $25,000 in January and used the annual exclusion. The uncle paid a gift tax of $25,725. Without considering the transactions below, Benson's AGI is $60,000 in 2022. No other transactions involving capital assets occur during the year. Read the requirement. a. b. C. AGI prior to sale of stock + + + Gain (loss) on sale of stock = = AGI
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