Dick receives 200 shares of Along Corporation stock from his aunt on May 20, 2019, as a gift when the stock has a $40,000 FMV. His aunt purchased the stock in 2009 for $22,000. The taxable gift is $40,000 because she made earlier gifts to Dick during 2019 and used the annual exclusion. She paid a gift tax of $6,200 on the gift of Along stock to Dick. Dick also inherited 900 shares of Baby Back Corporation preferred stock when his uncle died on November 12, 2018, when the stock's FMV was $72,000. His uncle purchased the stock in 1997 for $63,000. Read the requirements. a. Determine the gain or loss on the sale of Along and Baby Back stock on December 15, 2019 if Along stock was sold for $43,000, and Baby Back stock was sold for $72,100. (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar. Use a minus sign or parentheses to enter a loss. Enter a "0" if there is no gain or loss.) Scenario a. Investment Gain (loss) Along Baby Back b. Determine the gain or loss on the sale of Along and Baby Back stock on December 15, 2019 if Along stock was sold for $38,300, and Baby Back stock was sold for $63,800. (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar. Use a minus sign or parentheses to enter a loss. Enter a "0" if there is no gain or loss.) Scenario b. Investment Gain (loss) Along Baby Back c. Assume the same as in Part a except his aunt purchased Along stock for $44,000 and his uncle purchased Baby Back stock for $126,000. (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar. Use a minus sign or parentheses to enter a loss. Enter a "0" if there is no gain or loss.) Scenario c. Investment Gain (loss) Along Baby Back X i Requirements Determine the gain or loss on the sale of Along and Baby Back stock on December 15, 2019, under each alternative situation below. a. Along stock was sold for $43,000, and Baby Back stock was sold for $72,100. b. Along stock was sold for $38,300, and Baby Back stock was sold for $63,800. c. Assume the same as in Part a except his aunt purchased Along stock for $44,000 and his uncle purchased Baby Back stock for $126,000. Print Done Dick receives 200 shares of Along Corporation stock from his aunt on May 20, 2019, as a gift when the stock has a $40,000 FMV. His aunt purchased the stock in 2009 for $22,000. The taxable gift is $40,000 because she made earlier gifts to Dick during 2019 and used the annual exclusion. She paid a gift tax of $6,200 on the gift of Along stock to Dick. Dick also inherited 900 shares of Baby Back Corporation preferred stock when his uncle died on November 12, 2018, when the stock's FMV was $72,000. His uncle purchased the stock in 1997 for $63,000. Read the requirements. a. Determine the gain or loss on the sale of Along and Baby Back stock on December 15, 2019 if Along stock was sold for $43,000, and Baby Back stock was sold for $72,100. (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar. Use a minus sign or parentheses to enter a loss. Enter a "0" if there is no gain or loss.) Scenario a. Investment Gain (loss) Along Baby Back b. Determine the gain or loss on the sale of Along and Baby Back stock on December 15, 2019 if Along stock was sold for $38,300, and Baby Back stock was sold for $63,800. (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar. Use a minus sign or parentheses to enter a loss. Enter a "0" if there is no gain or loss.) Scenario b. Investment Gain (loss) Along Baby Back c. Assume the same as in Part a except his aunt purchased Along stock for $44,000 and his uncle purchased Baby Back stock for $126,000. (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar. Use a minus sign or parentheses to enter a loss. Enter a "0" if there is no gain or loss.) Scenario c. Investment Gain (loss) Along Baby Back X i Requirements Determine the gain or loss on the sale of Along and Baby Back stock on December 15, 2019, under each alternative situation below. a. Along stock was sold for $43,000, and Baby Back stock was sold for $72,100. b. Along stock was sold for $38,300, and Baby Back stock was sold for $63,800. c. Assume the same as in Part a except his aunt purchased Along stock for $44,000 and his uncle purchased Baby Back stock for $126,000. Print Done