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Korvikt [17]
2 years ago
15

Dunn received 100 shares of stock as a gift from Dunn's grandparent. The stock cost Dunn's grandparent $32,000, and it was worth

$27,000 at the time of the transfer to Dunn. Dunn sold the stock for $29,000. What amount of gain or loss should Dunn report from the sale of the stock?
Business
1 answer:
Romashka-Z-Leto [24]2 years ago
5 0

Answer:

The amount of gain or loss that DUNN should report is $0.

Explanation:

Here we have to take out what would be the gain or loss for Dunn when he sells the stock given to him as a gift by his grandparents. Here we have to clear out what would be the Dunn basis for gain or loss, so that we can tell whether he earned a gain or loss.

For Dunn to take out the basis for gain would be similar to the donors ( in this case his grandparents ) basis for gain which is $32,000 AND Dunn has sold the stock for $29,000, so he definitely hasn't made the gain.

For Dunn to take out the basis for loss , he will suffer loss when if the amount at which he sells the stock is less than the amount which was at the date of transfer of stock $27,000, and as it is given he sells the stock at $29,000 , which is more than $27,000, so he definitely hasn't suffered loss also.

Thus we can say that he has neither suffered loss nor earn a gain.

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