Daniel receives 400 shares of A&M Corporation stock from his aunt on May 20, 2023, as...

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Daniel receives 400 shares of A&M Corporation stock from his aunt on May 20, 2023, as a gift when the stock has a $60,000 fair market value (FMV). His aunt purchased the stock in 2013 for $42,000. The taxable gift is $60,000 because she made earlier gifts to Daniel during 2023 and used the annual exclusion. She paid a gift tax of $9,300 on the gift of A&M stock to Daniel. Daniel als inherited 300 shares of Longhom Corporation preferred stock when his uncle died on November 12, 2022, when the stock's FMV was $30,000. His uncle purchased the stock in 2001 for $27,600. Read the requirements. a. Determine the gain o intermediary calculation Requirements Scenari Investment A and M $ Longhorn $ b. Determine the gain o intermediary calculation Scenari Investment A and M Longhorn - and Longhorn stock was sold for $30,750. (Do not round enter a loss. Enter a "0" if there is no gain or loss.) Determine the gain or loss on the sale of A&M and Longhorn stock on December 15, 2023, under each alternative situation below. a. A&M stock was sold for $62,600, and Longhorn stock was sold for $30,750. b. A&M stock was sold for $58,200, and Longhorn stock was sold for $28,650. c. Assume the same as in Part a except his aunt purchased A&M stock for $71,000 and his uncle purchased Longhorn stock for $31,200 , and Longhorn stock was sold for $28,650 (Do not round enter a loss. Enter a "0" if there is no gain or loss.) Print Done Daniel receives 400 shares of A&M Corporation stock from his aunt on May 20, 2023, as a gift when the stock has a $60,000 fair market value (FMV). His aunt purchased the stock in 2013 for $42,000. The taxable gift is $60,000 because she made earlier gifts to Daniel during 2023 and used the annual exclusion. She paid a gift tax of $9,300 on the gift of A&M stock to Daniel. Daniel als inherited 300 shares of Longhom Corporation preferred stock when his uncle died on November 12, 2022, when the stock's FMV was $30,000. His uncle purchased the stock in 2001 for $27,600. Read the requirements. a. Determine the gain o intermediary calculation Requirements Scenari Investment A and M $ Longhorn $ b. Determine the gain o intermediary calculation Scenari Investment A and M Longhorn - and Longhorn stock was sold for $30,750. (Do not round enter a loss. Enter a "0" if there is no gain or loss.) Determine the gain or loss on the sale of A&M and Longhorn stock on December 15, 2023, under each alternative situation below. a. A&M stock was sold for $62,600, and Longhorn stock was sold for $30,750. b. A&M stock was sold for $58,200, and Longhorn stock was sold for $28,650. c. Assume the same as in Part a except his aunt purchased A&M stock for $71,000 and his uncle purchased Longhorn stock for $31,200 , and Longhorn stock was sold for $28,650 (Do not round enter a loss. Enter a "0" if there is no gain or loss.) Print Done