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Calvin gave his son abc stock valued at 101000 that he

Question - Calvin gave his son ABC stock valued at $101000 that he purchased for $50500; he gave his daughter EFG stock valued at $101000 that he purchased for $151500. Calvin paid $26000 in gift taxes on each of these gifts.

What is the son's basis in the stock received?

What is the daughter's basis in the stock received if:

If stock is sold above $151500

If stock is sold above $101000

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Accounting Basics: Calvin gave his son abc stock valued at 101000 that he

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Accounting Basics: Calvin gave his son abc stock valued at 101000 that he

Reference No:- TGS02872709

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