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Required: On January 1, 2019, Myron sells stock that has a $37,200 FMV on the date of the sale (basis $77,600) to his son Vernon.

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Required: On January 1, 2019, Myron sells stock that has a $37,200 FMV on the date of the sale (basis $77,600) to his son Vernon. On October 21, 2019. Vernon sells the stock to an unrelated party. In each of the following, determine the tax consequences of these transactions to Myron and Vernon: a. Vernon sells the stock for $21.500 b. Vernon sells the stock for $82,900 c. Vernon sells the stock for $57,800. (For all requirements, if no gain or loss is recognized, select "No gain/loss".) Myron Vernon Gain/Loss Realized Recognized Realized Recognized Realized Recognized

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