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? Question options: Zero 30,000 40,000 45,000 None of the above
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? Question options: Zero 30,000 40,000 45,000 None of the above
Chapter11: Property Dispositions
Section: Chapter Questions
Problem 35P
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Transcribed Image Text: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?
Question options:
Zero
30,000
40,000
45,000
None of the above
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