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What is Bob recognized gain or loss on the sale in year

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Reference no: EM132670628

Problem - Alice gifted stock to her son, Bob, in year 5. Alice bought the stock in year 1 for $8,300. The value of the stock on the date of gift was $6,400. Bob sold the stock in year 7 for $15,800. What is Bob's recognized gain or loss on the sale in year?

a. $0

b. $7,500 gain

c. $9,400 gain

d. $15,800 gain

Reference no: EM132670628

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