Under the Terms of Their Divorce Agreement Executed in August

question 133

Multiple Choice

Under the terms of their divorce agreement executed in August of this year,Clint transferred Beta,Inc.stock to his former wife,Rosa,as a property settlement.At the time of the transfer,the stock had a basis to Clint of $55,000 and a fair market value of $68,000.Rosa subsequently sold the stock for $75,000.What is the tax consequence of first the stock transfer and then the stock sale to Rosa?

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Ex-Slave

A person who was formerly enslaved, especially in the context of American history prior to the abolition of slavery in 1865.

Black Abolitionists

Black Abolitionists were African American leaders and activists who played a significant role in the movement to abolish slavery in the United States.

Social Position

The rank or status of an individual within the hierarchy of society, often determined by factors such as occupation, income, education, and family background.