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Sale of Property Acquired by Gift. In 2008 F gave his son S, 100 shares of IBM stock which at that time were worth $30,000. F paid a gift tax on the transfer of $5,000. Assuming F had purchased stock in 2004 for $40,000 what are the tax consequences to S if he sells the stock for the following amounts?

a) $25,000
b) $37,000
c) $45,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9411402

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