Question: How is this reported on Tax return for 2020? Received Orange, Inc. stock worth $9,500 as a gift from his aunt, Jane, on June 17,

How is this reported on Tax return for 2020?

  1. Received Orange, Inc. stock worth $9,500 as a gift from his aunt, Jane, on June 17, 2020. Her adjusted basis for the stock was $5,000. No gift taxes were paid on the transfer. Jane had purchased the stock on April 1, 2014. Devon sold the stock on July 1, 2020, for $22,000.

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