Question: Roberto has received various gifts over the years He has

Roberto has received various gifts over the years. He has decided to dispose of the following assets he received as gifts:
a. In 1951, he received land worth $32,000. The donor's adjusted basis was $35,000.
Roberto sells the land for $95,000 in 2014.
b. In 1956, he received stock in Gold Company. The donor's adjusted basis was $19,000. The fair market value on the date of the gift was $34,000. Roberto sells the stock for $40,000 in 2014.
c. In 1962, he received land worth $15,000. The donor's adjusted basis was $20,000.
Roberto sells the land for $9,000 in 2014.
d. In 2003, he received stock worth $30,000. The donor's adjusted basis was $42,000.
Roberto sells the stock for $38,000 in 2014.
What is the recognized gain or loss from each of the preceding transactions? Assume for each of the gift transactions that no gift tax was paid.

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  • CreatedMay 25, 2015
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