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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
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.
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