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In January, Emma sold stock with a cost basis of $35,000 to her sister, Grace, for $31,500, the fair market value of the
Posted: Sun Apr 10, 2022 8:29 am
by answerhappygod
- In January Emma Sold Stock With A Cost Basis Of 35 000 To Her Sister Grace For 31 500 The Fair Market Value Of The 1 (34.28 KiB) Viewed 42 times
In January, Emma sold stock with a cost basis of $35,000 to her sister, Grace, for $31,500, the fair market value of the stock on the date of sale. Five months later, Grace sold the same stock to an unrelated party through her broker for $37,000. What is the amount of gain Grace recognizes on the sale? O $5,500 O $3,500. O $0. O $2,000.