PI:5-36 (similar to) Question Help Brandon received 500 shares of Boston Corporation stock from his uncle as a gift on July 20, 2019, when the stock had a $125,000 FMV. His uncle paid $105,000 for the stock on April 12, 2003. The taxable gift was $125,000, because his uncle made another gift to Brandon for $38,000 in January and used the annual exclusion. The uncle paid a gift tax of $25,000. Without considering the transactions below, Brandon's AGI is $80,000 in 2020. No other transactions involving capital assets occur during the year. AGI prior to sale of stock + Gain (loss) on sale of stock = AGI a. + b. + C. +