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What is the income tax result for martin

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Reference no: EM133020928

Question - Just prior to a major medical procedure, Cody gives his son, Martin, stock in Robin Corporation (fair market value of $500,000 and basis of $700,000). At the time of the gift, Cody held some unused capital losses. The surgery is unsuccessful, and after Cody's death, Martin sells the stock for $800,000. What is the income tax result for Martin?

Reference no: EM133020928

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