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goblinko [34]
3 years ago
10

Simmons gives her child a gift of publicly-traded stock with a basis of $40,000 and a fair market value of $30,000. No gift tax

is paid. The child subsequently sells the stock for $36,000.
What is the child's recognized gain or loss, if any?

a. $4,000 loss.
b. No gain or loss.
c. $6,000 gain.
d. $36,000 gain.
Business
1 answer:
LekaFEV [45]3 years ago
5 0

Answer:

Explanation:

Basis in the stock = Carryover basis = $40,000

Recognized loss = $40,000 - $36,000

= $4,000

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Answer:

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8 0
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