In 2006, Edwin Ryan bought 100 shares of a listed stock for $5,000. In June 2012, when
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$5,000. In June 2012, when the stock’s fair market value was
$7,000, Edwin gave this stock to his sister, Lynn. No gift tax was
paid. Lynn died in October 2012, bequeathing this stock to Edwin,
when the stock’s fair market value was $9,000. Lynn’s executor
did not elect the alternate valuation. What is Edwin’s basis
for this stock after he inherits it from Lynn’s estate?
$0$5,000$7,000$9,000
Related Book For
South Western Federal Taxation Individual Income Taxes 2018
ISBN: 9781337385893
41st Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen
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