2. On May 15, 2020, Diane received a gift of 100 shares of stock from Fred. Fred had originally purchased the stock in 1991 for $20,000. At the time of the gift, the fair market value of the stock was $50,000. On November 30, 2020, Diane sold the stock for $52,000. What is the amount and character of Diane's recognized gain or loss on the sale?
2. On May 15, 2020, Diane received a gift of 100 shares of stock from Fred. Fred had originally purchased the stock in 1991 for $20,000. At the time of the gift, the fair market value of the stock was $50,000. On November 30, 2020, Diane sold the stock for $52,000. What is the amount and character of Diane's recognized gain or loss on the sale?
Chapter9: Acquisitions Of Property
Section: Chapter Questions
Problem 69P
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT