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On july 25 2010 karen who is single gives stock with a fmv

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On July 25, 2010, Karen, who is single, gives stock with a FMV of $7,500 and a basis of $8,000 to Bill. Karen had purchased the stock on March 18, 2010. Bill sold the stock on April 18, 2011 for $6,000. As a result of the sale, what must Bill report on his 2011 tax return?

Reference no: EM13579444

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