In 1975, Denny received stock worth $50,000 from his uncle. The uncle purchased the stock for $2,000 in 1955 and paid $15,000 of gift tax on the transfer Denny's basis in the stock is: $2,000. $15,000. $16, 400. $17,000. $50,000 Nate sold his main home for $400,000. He paid commissions totaling $20,000. Nate, who is single, purchased the home 15 years ago for $110,000. Over the years, he has spent $13,000 on improvements and $22,000 on repairs to the home. Nate's recognized gain is: $0 $20,000. $7,000. $270,000. $257,000