Bill received 600 shares of Ellsbridge Corporation stock from his uncle as a gift on July 20, 2019, when the stock had a $108,000 FMV. His uncle paid $60,000 for the stock on April 12, 2003. The taxable gift was $108,000, because his uncle made another gift to Bill for $34,000 in January and used the annual exclusion. The uncle paid a gift tax of $5,400. Without considering the transactions below, Bill's AGI is $50,000 in 2020. 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