Ramon received a gift of stock from his uncle. The basis of the stock to his unc
ID: 2492434 • Letter: R
Question
Ramon received a gift of stock from his uncle. The basis of the stock to his uncle was $24,980, and it had a FMV at the date of the gift of $17,500. 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.)
Basis to room
Taxable gain (if any)
Deductible loss (if any)
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tandard 1 standard 2 Standard 3 Donors basis $24980 $24980 $24980 fmv at gift date $17500 $17500 $17500 Ramons selling price $30,665 $14,620 $19935Basis to room
Taxable gain (if any)
Deductible loss (if any)
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?
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?
?
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?
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Explanation / Answer
DETAILS STANDARD 1 STANDARD 2 STANDARD 3 DONOR'S BASIS $24980 $24980 $24980 FMV AT GIFT DATE $17500 $17500 $17500 RAMONS SELLING PRICE $30665 $14620 $19935 BASIS TO RAMON $24980 $17500 N/A TAXABLE GAIN (IF ANY) $5685 N/A NO GAIN DEDUCTABLE LOSS (IF ANY) N/A $2880 NO LOSS
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