Ramon received a gift of stock from an uncle. The basis of the stock to the uncle was $30,460, and it had a FMV of $21,500 at the date of the gift. The donor held the proper for more than one year. Complete the following chart under the independent situations shown: Note: Negative amounts should be indicated by a minus sign. If not applicable, leave cells blank. Situation 1 Situation 2 Situation 3 Donor's basis $ 30,460 $ 30,460 $ 30,460 FMV at gift date $ 21,500 $ 21,500 $ 21,500 Ramon's selling price $ 36,735 $ 17,740 $ 23,335 Basis to Ramon Taxable gain (if any) Deductible loss (if any)

Ramon received a gift of stock from an uncle. The basis of the stock to the uncle was $30,460, and it had a FMV of $21,500 at the date of the gift. The donor held the proper for more than one year. Complete the following chart under the independent situations shown: Note: Negative amounts should be indicated by a minus sign. If not applicable, leave cells blank. Situation 1 Situation 2 Situation 3 Donor's basis $ 30,460 $ 30,460 $ 30,460 FMV at gift date $ 21,500 $ 21,500 $ 21,500 Ramon's selling price $ 36,735 $ 17,740 $ 23,335 Basis to Ramon Taxable gain (if any) Deductible loss (if any)

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter28: Income Taxation Of Trusts And Estates

Section: Chapter Questions

Problem 6BCRQ

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