Mary received stocks as a gift from her father. At the time of gift the stocks have a fair market value of $30,000 and an adjusted basis to Mary's father of $40,000. Six month later, Mary sold the stocks for $45,000. What is Mary's tax basis in the stock at the time of sale?

Mary received stocks as a gift from her father. At the time of gift the stocks have a fair market value of $30,000 and an adjusted basis to Mary's father of $40,000. Six month later, Mary sold the stocks for $45,000. What is Mary's tax basis in the stock at the time of sale?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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