Alice gifted stock to her son, Bob, in year 5. Alice bought the stock in year 1
Question:
Alice gifted stock to her son, Bob, in year 5. Alice bought the stock in year 1 for $8,300. Hie value of the stock on the date of gift was $6,400. Bob sold the stock in year 7 for $15,800. What is Bob's recognized gain or loss on the sale in year 7?
a. $0
b. $7,500 gain
c. $9,400 gain
d. $15,800 gain
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Related Book For
South-Western Federal Taxation 2019 Comprehensive
ISBN: 9781337703017
42th Edition
Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young
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