Question
Billy Creacy received 100 shares of stock, as a gift from his uncle, Jay Jackson. Jay purchased the stock six years ago for $14 per
Billy Creacy received 100 shares of stock, as a gift from his uncle, Jay Jackson. Jay purchased the stock six years ago for $14 per share. The fair market value on the date of the gift was $16 per share. Billy held the stock for six months, and sold it for $22 per share.
What is Billys basis in the stock when it was sold?
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Fundamentals Of Financial Management Concise
Authors: Eugene F. Brigham, Joel F. Houston
11th Edition
0357517717, 9780357517710
