Brock received 400 shares of Cranston Corporation stock from his uncle as a gift on July 20, 2017, when the stock had a $80,000 FMV. His uncle paid $40,000 for the stock on April 12, 2002. The taxable gift was $80,000, because his uncle made another gift to Brock for $34,000 in January and used the annual exclusion. The uncle paid a gift tax of $16,000. Without considering the transactions below, Brock's AGl is $35,000 in 2018. No other transactions involving capital assets occur during the year Read the requirement. AGI prior to sale of stockGain (loss) on sale of stock AGI a. b. C