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What numbers will be input in the boxes? Buck received 500 shares of lowa Corporation stock from his uncle as a gift on July 20,2022
What numbers will be input in the boxes?
Buck received 500 shares of lowa Corporation stock from his uncle as a gift on July 20,2022 , when the stock had a $140,000 fair market value (FMV). His uncle paid $110,000 for the stock on April 12, 2006. The taxable gift was $140,000, because his uncle made another gift to Buck for $35,000 in January and used the annual exclusion. The uncle paid a gift tax of $21,000. Without considering the transactions below, Buck's AGI is $50,000 in 2023 . No other transactions involving capital assets occur during the year. Read the requirement. Analyze each transaction below, independent of the others, and determine Buck's AGI in each case. (Do not round intermediary calculations. Only round the amounts you input in the input fields to the nearest dollar. Use a minus sign or parentheses to enter a loss.) a. He sells the stock on October 12,2023 , for $145,500. b. He sells the stock on October 12, 2023, for $113,500. c. He sells the stock on December 16,2023 , for $136,000Step by Step Solution
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