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(Solution) - Clinton gives stock basis of 600 000 and fair market value

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Clinton gives stock (basis of $600,000 and fair market value of $500,000) to Morgan. As a result of the transfer, Clinton paid a gift tax of $40,000. Compute Morgan?s gain or loss if she later sells the stock for:
a. $650,000.
b. $550,000.
c. $480,000.


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This question was answered on: Jul 11, 2017

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