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Several years ago Doug invested $41,250 in stock. This year he gave his daughter Tina the stock on a day it was valued at $39,100.
Several years ago Doug invested $41,250 in stock. This year he gave his daughter Tina the stock on a day it was valued at $39,100. She promptly sold it for $38,800. Assume Doug is not married and does not support Tina, who is 28. Required: a. Determine the amount of the taxable gift. b. Calculate the amount of taxable gain or loss, if any, for Tina a. Amount of taxable gift b. Taxable loss $ 300
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