Sale of Asset Received as a Gift Bud received 200 shares of Georgia Corporation stock from his uncle as a gift on July 20. 2015, when the stock rad a $45,000 FMV. His uncle paid $30,000 another gift to Bud for $20,000 in January and used the annual excusion. The uncle paid a tax of $1,500 Without considering the transactions below. Bud's AGI Is s45.000 in 2016. No other transactions involving capital assets occur during the year Analye each transaction below. independent of the others, and determine Bud's AGI in each case a. He sells the stock on October 12. 2016, for $48.000 b. He sells the stock on October 12, 2016, for $28,000. c. He sells the stock on December 16, 2016, for $42 000 for the stock on April 12, 2000. The taxable gift was $45,000, because his uncle made gift