Brent received 100 shares of Ellsbridge Corporation stock from his uncle as a gift on July20, 2016, when the stock had a $28,000 FMV. His uncle paid $10,000 for the stock on April12, 2001. The taxable gift was 28,000, because his uncle made another gift to Brent for $28,000 in January and used the annual exclusion. The uncle paid a gift tax of $5,600. Without considering the transactionsbelow, Brent's AGI is $35,000 in 2017

2017. No other transactions involving capital assets occur during the year.

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AGI prior to sale of stock

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Gain (loss) on sale of stock

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AGI

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