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ollegr [7]
3 years ago
9

Zack received a gift of stock from his uncle on June 20 of the current year. Zack's uncle had a basis in the stock of $4,000, bu

t the fair market value of the stock on June 20 was only $1,500. Zack held the stock for three months and then sold it for $1,200. What basis in the stock will Zack use to determine his gain or loss on the sale of the stock?
Business
2 answers:
DiKsa [7]3 years ago
7 0

Answer:

$4,000

Explanation:

pshichka [43]3 years ago
7 0

Answer:

The answer is $1500

Explanation:

Since the FMV is lower than the original cost of the gift the dual basis would take place.

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