Tracy Gave Stock with an Adjusted Basis of $18,000 and an FMV

question 88

Multiple Choice

Tracy gave stock with an adjusted basis of $18,000 and an FMV of $15,000 to her nephew Phil. No gift tax was paid. Phil sold the stock for $16,000. The gain or loss Phil will recognize on the sale is

• A)$1,000 gain.
• B)$0.
• C)$1,500 loss.
• D)none of the above

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Definitions:

Home Environment

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The total number of genetic characteristics in the genetic makeup of a species, contributing to its ability to adapt and evolve.

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A neurotransmitter involved in many functions, including mood regulation, digestion, and sleep.