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Roberta gives stock to her son Stephen with an adjusted basis of $10,000 and a fair market value of $15,000 on the date of gift.
Roberta gives stock to her son Stephen with an adjusted basis of $10,000 and a fair market value of $15,000 on the date of gift. Six months later Stephen sells the stock for $8,000. Stephen's basis in the stock is: 1. $8,000. 2. $15,000. 3. $10,000. 4. $15,000 but limited to $12,000
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