Iva Owns Mauve, Inc

question 143

Multiple Choice

Iva owns Mauve, Inc.stock (adjusted basis of $40,000) which she sells to Joshua, her brother, for its fair market value of $32,000.Fifteen months later, he sells it to Faye, a friend, for its fair market value of $39,000.Determine Iva's recognized loss, Joshua's recognized gain or loss, and Faye's adjusted basis for the stock. Iva's recognized loss Joshua's recognized gain or loss Faye's basis

• A) $ -0- $ -0- $39,000
• B) $ -0- $7,000 $32,000
• C) $ -0- $7,000 $39,000
• D) $8,000 $7,000 $39,000
• E)None of the above.

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