Brantley received 900 shares of Alabama Corporation stock from his uncle as a gift on July 20, 2022, when the stock had a $216,000 fair market value (FMV). His uncla paid $162,000 for the stock on April 12, 2006. The taxable gift was $216,000, because his uncle made another git to Brantloy for $35,000 in January and used the annual exclusion. The uncle paid a gift tax of $10,800. Without considering the transactions below, Brantley's AGI is $60,000 in 2023 . No other transactions involving capital assets occur during the year. Read the requirement