Reference no: EM13286354
Sale of Asset Received as a Gift:
Bud received 200 shares of Georgia Corporation stock from his uncle as a gift on July 20, 2010, when the stock had a $45,000 FMV. The uncle paid $30,00 for the stock on April 12, 2000. The taxable gift was $45,000, because his uncle made another gift to Bud for $20,000 in January. The uncle paid gift tax of $1,500.
Without considering the transaction below, Buds AGI is $45,000 in 2011. No other transactions involving capital assets occur during the year. Analyze each transaction below, independent of the others, and determine Bud's AGI in each case
a. He sells the stock on October 12, 2011 for $48,000.
b. He sells the stock on October 12, 2011 for $28,000
c. He sells the stock on December 16, 2011 for $42,000
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