Question
Several years ago Doug invested $25,000 in stock. This year he gave his daughter Tina the stock on a day it was valued at $21,350.
Several years ago Doug invested $25,000 in stock. This year he gave his daughter Tina the stock on a day it was valued at $21,350. She promptly sold it for $20,800. Assume Doug is not married and does not support Tina, who is 28. Required:
- Determine the amount of the taxable gift.
- Calculate the amount of taxable gain or loss, if any, for Tina.
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Auto Body And Repair Industry IRS Audit Techniques Guide
Authors: Internal Revenue Service
1st Edition
1304131661, 978-1304131669
