What is the recognized gain-loss, Accounting Basics

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What is the recognized gain-loss

Cynthia gives her son stock with a basis in her hands of $65,000 and a fair market value of $60,000. No gift tax is paid. Son subsequently sells the stock for $63,000. What is his recognized gain or loss?

a. $0.

b. $2,000 Loss

c. $3,000 Gain

d. $63,000 Gain

e. None of the above.

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Accounting Basics: What is the recognized gain-loss

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Accounting Basics: What is the recognized gain-loss

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Recent Questions Asked Accounting Basics

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Accounting Basics: What is the recognized gain-loss

Reference No:- TGS080166

Recent Questions Asked Accounting Basics

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