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Several years ago Doug invested $30,250 in stock. This year he gave his daughter Tina the stock on a day it was valued at $28,550.
Several years ago Doug invested $30,250 in stock. This year he gave his daughter Tina the stock on a day it was valued at $28,550. She promptly sold it for $27,150. Assume Doug is not married and does not support Tina, who is 28.
a. Determine the amount of the taxable gift?
b. Calculate the amount of taxable gain or loss, if any, for Tina.
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