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What is his recognized gain or loss

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Reference no: EM133027300

Question - Elton gives his son, John, stock (basis of $10,000; fair market value of $7,000). No gift tax results. If John subsequently sells the stock for $13,000, what is his recognized gain or loss?

a. $0

b. $3,000

c. $13,000

d. $6,000

Reference no: EM133027300

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