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Nick received a gift of stock from his father. Nick's father had purchased the stock 2 years earlier and his father basis in the stock
Nick received a gift of stock from his father. Nick's father had purchased the stock 2 years earlier and his father basis in the stock was $30,000. On the date of the gift, the stock had a fair market value of $25,000 a.) if Nick sells the stock for $33,000 calculate the amount of next gain or loss on the transaction. b.) if next sells the stock for $22,000 calculate the amount of next gain or loss on the transaction. c.) if Nick sells the stock for $27,000 calculate the amount of next gain or loss on the transaction.
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