In the following various property transactions in 2018, determine the basis of property sold, as wells as the amount and character of gain or loss recognized.

a) On December 15, 2017, Tom received 100 shares of Foster Corp. as compensation for services. The adjusted basis of the stock was $4,000, and its fair market value at the time of transfer was $5,000. Tom sold the stock of February 15, 2018 for $7,500. (Sale Price: $7,500)

b) On December 15, 2017, Tom received 100 shares of Foster Corp. as compensation for services. The adjusted basis of the stock was $4,000, and its fair market value at the time of transfer was $5,000. Tom sold the stock on February 15, 2018 for $4,800. (Sale Price: $4,800)

c) In April 2018, Tom received an acre of land as a gift from uncle. At the time of the gift, the land has a FMV of $50,000. The uncle purchased the land for $40,000 in July, 2016. Tom held the land as an investment and sold it for $55,000 in May, 2018. (Sale Price: $55,000)

d) In June 2018, Hall\'s mother gifted her 100 shares of a listed stock. The donor\'s basis for this stock, which she bought in 2011, was $4,000, and market value on the date of the gift was $3,000. The donor paid no gift tax. Hall sold the stock received from her mother for $2,500 in July 2018. (Sale Price: $2,500)

e) In June 2018, Hall\'s mother gifted her 100 shares of a listed stock. The donor\'s basis for this stock, which she bought in 2011, was $4,000, and market value on the date of the gift was $3,000. The donor paid no gift tax. Hall sold the stock received from her mother for $4,500 in July 2018. (Sale Price: $4,500)

f) During 2015, Tom purchased 100 shares of preferred stock of Boling Corp. for $5,500. In May 2018, Tom received a stock dividend of 10 additional shares of Boling Corp. preferred stock. On the date of distribution, it had a fair market value of $60 per share. In December 2018, Tom sold all of 110 shares of preferred stock for $100 per share. (Sale Price: $11,000)

g) On January 5, 2017, Tom purchased for $6,000, 100 shares of Campbell Corporation common stock. On July 8, 2018, he received a nontaxable stock dividend of 10 shares of Campbell Corporation $100 par value preferred stock. On that date, the market values per share of the common and preferred stock were $75 and $150, respectively. On August 8, 2018, Tom sold the 100 shares of common stock for $9,000 and 10 shares of preferred stock for $2,300. (Sale Price: CS $9,000 / PS $2,300)

Answer rating: 100% (QA)

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