Problem -
Ramon received a gift of stock from his uncle. The basis of the stock to his uncle was $22,240, and it had a FMV at the date of the gift of $15,500. The donor held the property for more than one year. Complete the following chart under the independent situations shown: (Negative amounts should be indicated by a minus sign.)
|
|
Situation 1
|
Situation2
|
Situation3
|
|
Donor's basis
|
22,240
|
22,240
|
22,240
|
|
FMV at gift date
|
15, 500
|
15,500
|
15,500
|
|
Ramon's selling price
|
27,615
|
13,060
|
18,235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|