Harvey sold stock valued at $29,000 to his son for $15,000 Harvey's basis in the stock is
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Harvey sold stock valued at $29,000 to his son for $15,000 Harvey's basis in the stock is $26000.how does he report his gift tax
which is correct?
A)harvey reports a gift of $29,000 on form 709 and a capital loss of 14,000 on form 1040, Silass basis in the stock is 15,000.
B)no reporting is required because a transfer was between immediate family members.
C) Harvey is not required to report the $14,000 gift and is not allowed to deduct the $11,000 loss. If Silas sells his stock his basis for gain is 26000.
D) Harvey reports a gift of 29,000 silas's basis in the stock is 15000
Expert Answer:
The detailed answer for the above question is provided below The correct answer is C Harvey is ... View the full answer
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