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What is Katie realized gain or loss

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Problem -

(a) Katie sells Google stock (adjusted basis of $5,000) to Richie, her father, for its fair market value of $3,000. What is Katie's realized gain or loss? Recognized gain or loss?

(b) Katie sells Google stock (adjusted basis of $5,000) to Sarah, her cousin, for its fair market value of $3,000. What is Katie's realized gain or loss? Recognized gain or loss?

Reference no: EM132916994

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