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QUESTION
Megan gives her brother stock with a basis in her hands of $50,000 and a fair market value of $45,000. No gift tax is paid. Her brother subsequently...
Megan gives her brother stock with a basis in her hands of $50,000 and a fair market value of $45,000. No gift tax is paid. Her brother subsequently sells the stock for $43,000. What is his recognized gain or loss?
