Sara Nade had a 2021 capital asset transaction as noted below. For each asset disposition, determine the amount of her gain or loss for tax purposes.

1. On February 2^nd Sara received 100 shares of Unk, Inc. common stock from her deceased Uncle Wade’s estate. She immediately sold the stock for $28 per share, paying a $50 brokerage commission. Her uncle had received this stock as a gift a few weeks before he died on 07/09/20. The special friend who gave t to him had bought the stock for $1 a share in 201 Uncle Wade’s estate was a modest one and no U.S. estate tax was required. The stock was actively traded at $23 per share on 06/21/20, $24 on 07/09/20, $26 on 12/21/20, and $29 on 01/02/21

Answer rating: 100% (QA)

Answer The gain on the sale of the stock is 2 per share or 200 in total The basis of ... View the full answer