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 had a $45,000 FMV. His uncle paid $30,000 for the stock on April 12, 2000. The taxable gift was $45,000, because his uncle made another gift to Bud for $20,000 in January and used the annual exclusion. The uncle paid a gift tax of $1, 500. Without considering the transactions below, Bud's AGI is $45,000 in 2016. No other transactions involving capital assets occur during the year. Analyze each transaction below, independent of the others, and determine Bud's AGI in each case. He sells the stock on October 12, 2016, for $48,000. He sells the stock on October 12, 2016, for $28,000. He sells the stock on December 16, 2016, for $42,000