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Merle gives stock to her daughter Lucy. The stock has a basis to Merle of ( $ 222,500 ) and a value of ( $
Merle gives stock to her daughter Lucy. The stock has a basis to Merle of \\( \\$ 222,500 \\) and a value of \\( \\$ 200,250 \\) on the date of the gift. No gift tax was incurred on the transfer. What are Lucy's income tax consequences if she later sells the stock for: If there is no gain or loss, enter \"0\" and select \"No gain or loss\" from the drop down. a. \\( \\$ 189,125 \\)
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