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Estate Finance Family Tax Plan Questions 1. Larry gives Jeff 1 share of David, Inc. stock on January 2, 2002 that has a basis of

Estate Finance Family Tax Plan Questions

1. Larry gives Jeff 1 share of David, Inc. stock on January 2, 2002 that has a basis of $10,000. On January 2, 2002, 1 share of David Inc. stock has a fair market value of $100,000. On January 2, 2004, Jeff sells the share to Leon for $200,000. How much income or loss does Jeff recognize on the sale? Analyze what Jeff's basis is in the stock and why.

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