In the current year K gifted shares of a public corporation to his spouse. The shares, that originally cost $12,000, had a value of $16,000 at the time of the gift. During the year, K's spouse received an eligible dividend of $400 from the public corporation? What amount, if any, is included in K's net income for tax purposes in the current year?

Answer rating: 100% (QA)

Answer 0 Explanation Generally if a stock is gifted by a person to his spouse ... View the full answer