Trevor and Linda had some stocks which they purchased five years ago. Let’s assume that stock...
Trevor and Linda had some stocks which they purchased five years ago. Let’s assume that stock owned jointly with rights of survivorship was originally purchased for $50,000 and is worth $100,000 on the date Trevor passes away. What is the new basis for Linda?
Homework Answers
New Basis for Linda is $100,000 as there is assumption that stock owned jointly with rights of survivorship. Therefore, all stock purchased by together will be now transferred to Linda.
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