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Sale of asset received as a gift
Sale of asset received as a gift. Bud received 200 shares of Georgia Corporation stock from his uncle as a gift on July 20, 2009, whe the stock had a FMV of $45,000. The uncle paid $30,000 for the stock on April 12, 1999. The taxable gift was $45,000, because his uncle made another gift to Bud for $20,000 in January. The Uncle paid a gift tax of $1,500.
Without considering the transactions below, Bud;s AGI is $45,000 in 2010. No other transactions involving capital assets occurred during the year. Analyze each transaction below, independent of the other and determine Bud's AGI in each case. a. He sells the stock on October 12, 2010 for $48,000. b. He sells the stock on October 12, 2010 for $28,000. c. He sells the stock on December 16, 2010 for $42,000. |
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