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Several years ago Doug invested $36,500 in stock. This year he gave his daughter Tina the stock on a day it was valued at $34,400.
Several years ago Doug invested $36,500 in stock. This year he gave his daughter Tina the stock on a day it was valued at $34,400. She promptly sold it for $32,300. Assume Doug is not married and does not support Tina, who is 28.
a. Determine the amount of the taxable gift.
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b. Calculate the amount of taxable gain or loss, if any, for Tina.
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