2. Wood gave his son Arnold stock with a basis of $30,000 and a fair market...
2. Wood gave his son Arnold stock with a basis of $30,000 and a fair market value at the date of the gift of $50,000. No gift taxes were paid on the gift. Arnold subsequently sold the stock for $28,000. What is Arnold's recognized gain or loss?
Homework Answers
Arnold basis in the stock = Carryover basis = $30,000
Recognized loss = $30,000 - $28,000
= $2,000
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