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Complete the following chart under the independent situation

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Reference no: EM131572268

Problem -

Ramon received a gift of stock from his uncle. The basis of the stock to his uncle was $22,240, and it had a FMV at the date of the gift of $15,500. The donor held the property for more than one year. Complete the following chart under the independent situations shown: (Negative amounts should be indicated by a minus sign.)

 

Situation 1

Situation2

Situation3

Donor's basis

22,240

22,240

22,240

FMV at gift date

15, 500

15,500

15,500

Ramon's selling price

27,615

13,060

18,235

 

 

 

 

 

 

 

 

 

 

 

 

Reference no: EM131572268

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