- Question Completion Status: QUESTION 40 Ralph gives his daughter, Angela, stock (basis of $4,000; fair market value of 2.000). No gift tax results. If Angela subsequently sells the stock for 59,000, her Recognized Gain is Zero 57.000 $5.000 510,000 none of the above QUESTION 41 Under the cash receipts and disbursements method a taxpayer that receives property or services in payment of the bill need only report the value in the year the property is sold or services rendered True False QUESTION 42 The Internal Revenue Code specifies what is not a capital asset rather than what is a capital asset True False Save Click Save and Submit to save and submit. Click Save All Answers to save all answers. 16