Accounting Mary received stocks as a gift from her father. At the time of gift the stocks have a fair market value of $30,000 and an adjusted basis to Mary's father of $40,000. Six month later, Mary sold the stocks for $45,000. What is Mary's tax basis in the stock at the time of sale? Zero 30,000 40,000 45,000 None of the above

Answer rating: 100% (QA)

Introduction To calculate the Tax basis of the stocks received as a gift ... View the full answer