Brandy and Brady are 6-year-old twins. In 2021, each of the twins received eligible dividends of $1,000
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Question:
Brandy and Brady are 6-year-old twins. In 2021, each of the twins received eligible dividends of $1,000 on public company shares that were gifted to them by their father in July 2020. At the time of the gift, each block of shares had a fair market value of $9,500. Their father had acquired the two blocks of shares at a cost of $8,000 each. In December 2021, each twin sold their shares for $10,000.
REQUIRED:
Calculate and discuss the tax consequences, if any, for the twins and their father.
Related Book For
Discrete and Combinatorial Mathematics An Applied Introduction
ISBN: 978-0201726343
5th edition
Authors: Ralph P. Grimaldi
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