Question: Using the information provided, prepare the 2017 federal tax return for Phil and Clara Holmes, including Form 1040, and any other applicable forms, schedules, or

Using the information provided, prepare the 2017 federal tax return for Phil and Clara Holmes, including Form 1040, and any other applicable forms, schedules, or election statements.

The Homes sold 200 shares of Tiger Corporation stock on September 3, 2017, for $42 a share (less a $50 commission). The Holmes received the stock from Phils father on June 25, 1980, as a wedding present. Phils father originally purchased the stock for $9 per share on January 1, 1968. The stock was valued at $14.50 per share on the date of the gift. No gift tax was paid on the gift.

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