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QUESTION
Thomas inherited stock from her father some years ago when the FMV was $20 per share and the alternative valuation was $18. She gifted it to her...
Mrs. Thomas inherited stock from her father some years ago when the FMV was $20 per share and the alternative valuation was $18. She gifted it to her daughter when the FMV was $40 per share. Her daughter just sold the stock at $60 per share. How much gain if any, will Mrs. Thomas's daughter have to report?
