Ralph Gives His Daughter, Angela, Stock (Basis of $8,000? Fair

question 104

Multiple Choice

Ralph gives his daughter, Angela, stock (basis of $8,000? fair market value of $6,000) . No gift tax results. If Angela subsequently sells the stock for $10,000, what is her recognized gain or loss?

• A) $0
• B) $2,000
• C) $4,000
• D) $10,000
• E) None of the above

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