Question

Sally received 100 shares of stock worth $8,000 as a gift from her father. Her father had purchased the stock for $10,000. When Sally sells the stock, her basis in the shares for determining her gain or loss will be

Answer 1

Answer:

$8000

Explanation:

Based on the fact that she didn't purchase the stock initially At $10000, but she was gifted it at $8000 her bases upon which she will derive profit or loss from is $8000