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Mrs. Beld sold marketable securities with a $79,600 tax basis to her daughter for $60,000 cash. Two years later, the daughter sold the securities though
Mrs. Beld sold marketable securities with a $79,600 tax basis to her daughter for $60,000 cash. Two years later, the daughter sold the securities though her broker for $53,000. Compute the daughter's gain/loss recognized on sale.
a) $0 gain or loss
b) $7,000 loss
c) $19,600
d) None of the above
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