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What is the child basis for the securities sold

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Reference no: EM132843508

Problem 1: Parent gave securities with an adjusted basis of $10,000 and fair market value of $9,000 to a child. Later the child sold the securities for $7,000. What is the child's basis for the securities sold?

Option 1: $9,000
Option 2: $0
Option 3: $10,000
Option 4: $7,000

Reference no: EM132843508

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