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What is amount of b gain or loss on sale

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Question 1 - A Purchased stick 5 years ago for 12000 which he gifted to B when it's FMV was 9000. Subsequently, B sold stock for 6500. What is amount of B gain or loss on sale?

a. No gain no loss,

b. 500 gain

c. 2500 loss,

d. None of above

Question 2 - A's office building has basis 470000, is condemned by the state. The state awards him 500000 and She immediately purchases a replacement office for 510000. What is her basis of new building?

a. 480000,

b. 520000,

c. 540000,

d. 600000

Reference no: EM133147192

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