Chrissy receives 200 shares of Chevron stock as a gift from her father. The stock cost her father $9,000 10 years ago and is worth $10,500 at the date of the gift. a.  If Chrissy sells the stock for $12,500, calculate the amount of the gain or loss on the sale. b.  If Chrissy sells the stock for $4,600, calculate the amount of the gain or loss on the sale

CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter9: Acquisitions Of Property
Section: Chapter Questions
Problem 47P
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Chrissy receives 200 shares of Chevron stock as a gift from her father. The stock cost her father $9,000 10 years ago and is worth $10,500 at the date of the gift.

a.  If Chrissy sells the stock for $12,500, calculate the amount of the gain or loss on the sale.

b.  If Chrissy sells the stock for $4,600, calculate the amount of the gain or loss on the sale.

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