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N received stock as a gift from her mother in 2019. Her mother purchased the stock several years ago for $30,000. The stock was worth
- N received stock as a gift from her mother in 2019. Her mother purchased the stock several years ago for $30,000. The stock was worth $80,000 at the time the gift was received. N sold the stock for $100,000 in 2020. How much gain, if any, should N report on her 2020 tax return?
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Financial Accounting An International Introduction
Authors: David Alexander, Prof Christopher Nobes, Chris W. Nobes
4th Edition
027372164X, 978-0273721642
