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Posted on Jun 06, 2024

Scott Lance received 300 shares of stock, as a gift from his Aunt Esther. Esther purchased the stock five years ago for $82 per share.

Scott Lance received 300 shares of stock, as a gift from his Aunt Esther. Esther purchased the stock five years ago for $82 per share. The fair market value on the date of the gift was $44 per share. Scott held the stock for three years, and sold it for $62 per share.

What is Scotts basis in the stock when it was sold?

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