Question
Brian also made the following gifts during the current year: $30,000 cash to each grandchild $6,000 directly to Kalis private school to pay her tuition
Brian also made the following gifts during the current year:
- $30,000 cash to each grandchild
- $6,000 directly to Kalis private school to pay her tuition ( no gift tax)
- $6,000 each in Amazon stock to Cody and Riley. His basis at the time of the gift was $300 and he purchased the stock five years ago
- $18,000 to Boy Scouts of America (no gift tax)
. If Riley sells her Amazon stock for $6,500, what is her taxable gain or loss, if any (assume Brian did not pay gift tax on this gift)? Is it short term or long term? Show your work/explain your answer.
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Accounting Information Systems Thinking Development And Evaluation
Authors: Robyn L. Raschke, John A. Schatzel
1st Edition
1453396950, 9781453396957
