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Several years ago Doug invested $37,750 in stock. This year he gave his daughter Tina the stock on a day it was valued at $36,250.
Several years ago Doug invested $37,750 in stock. This year he gave his daughter Tina the stock on a day it was valued at $36,250. She promptly sold it for $35,600. Assume Doug is not married and does not support Tina, who is 28.
- Determine the amount of the taxable gift.
- Calculate the amount of taxable gain or loss, if any, for Tina.
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