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What is jane basis for income tax purposes

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Reference no: EM133000311

Problem 1: Mrs. Black gifts to her daughter, Jane, a stock worth $212,000. Mrs. Black bought the stock for $20,000 some years ago. What is Jane's basis for income tax purposes?

A. $20,000
B. $32,000
C. $200,000
D. $212,000

Reference no: EM133000311

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