Question: Katelyn receives stock in Kite Corporation as a gift from

Katelyn receives stock in Kite Corporation as a gift from her father, which she sells four months later. Although Katelyn sold the stock for more than it was worth when she received it as a gift, her accountant tells her that no recognized gain results.
a. Is her accountant correct?
b. Suppose Katelyn had received the Kite stock by inheritance, not by gift. Now what should her accountant advise?

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  • CreatedSeptember 09, 2015
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