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Herb gave Randy 500 shares of Ultra Corporation common stock in 2012. Herb paid $8,000 for the stock in 2009. At the date of the

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Herb gave Randy 500 shares of Ultra Corporation common stock in 2012. Herb paid $8,000 for the stock in 2009. At the date of the gift, the fair market value of the stock was $6,000. No gift tax was paid. if Randy sells the stock for $4,500, he will recognize

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