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Charles sells stock (adjusted basis of $25,000) to his son. Danny, for its fair market value of $15.000. Danny subsequently sells it for $27,000. Charles'

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Charles sells stock (adjusted basis of $25,000) to his son. Danny, for its fair market value of $15.000. Danny subsequently sells it for $27,000. Charles' recognized loss is $0 and Danny's recognized gain is $2.000 ($27.000 - $15.000 - $10,000). True O False

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