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Don receives 800 shares of Annapoli Corporation stock from his aunt on May 20, 2019, as a gift when the stock has a $104,000
Don receives 800 shares of Annapoli Corporation stock from his aunt on May 20, 2019, as a gift when the stock has a $104,000 FMV. His aunt purchased the stock in 2009 for $80,000. The taxable gift is $104,00 because she made earlier gifts to Don during 2019 and used the annual exclusion. She paid a gift tax of $16,120 on the gift of Annapoli stock to Don. Don also inherited 600 shares of Bread Basket Corporation preferred stock when his uncle died on November 12, 2018, when the stock's FMV was $42,000. His uncle purchased the stock in 1997 for $36,000. Read the requirements. a. Determine the gain or loss on the sale of Annapoli and Bread Basket stock on December 15, 2019 if Annapoli stock was sold for $106,400, and Bread Basket stock was sold for $42,500. (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.) Investment Annapoli Bread Basket Scenario a. Gain (loss) b. Determine the gain or loss on the sale of Annapoli and Bread Basket st intermediary calculations. Only round the amount you input in the cell to th Investment Scenario b. Gain (loss) Enter any number in the edit fields and then continue to the next quest i Requirements Determine the gain or loss on the sale of Annapoli and Bread Basket stock on December 15, 2019, under each alternative situation below. a. Annapoli stock was sold for $106,400, and Bread Basket stock was sold for $42,500. b. Annapoli stock was sold for $101,400, and Bread Basket stock was sold for $36,800. c. Assume the same as in Part a except his aunt purchased Annapoli stock for $152,000 and his uncle purchased Bread Basket stock for $84,000. X as sold for $36,800. (Do not round or loss.)
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