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Mary received stocks as a gift from her father. At the time of gift the stocks have a fair market value of $30,000 and an
Mary received stocks as a gift from her father. At the time of gift the stocks have a fair market value of $30,000 and an adjusted basis to Mary's father of $40,000. Six month later, Mary sold the stocks for $45,000. What is Mary's tax basis in the stock at the time of sale?
| Zero |
| 30,000 |
| 40,000 |
| 45,000 |
| None of the above |
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