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igomit [66]
3 years ago
13

Laura's father, Albert, gave Laura a gift of 500 shares of Liba Corporation common stock in 2017. Albert's basis for the Liba st

ock was $4,000. At the date of this gift, the fair market value of the Liba stock was $3,000. If Laura sells the 500 shares of Liba stock in 2018 for $2,000, her basis is ________.A. $4,000
B. $3,000
C. $2,000
D. $0
Business
1 answer:
Vikentia [17]3 years ago
7 0

Answer:

B) $3,000

Explanation:

Since Laura acquired this property (stocks) by gift, her basis for loss will be $3,000 which is equal to the fair market value at the time she received the gift. If she had made a gain with this transaction, her basis for gain would have been the $4,000 of her father's basis.

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