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Discuss what is jeris gain basis for the stock

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Megan made a gift of stock to Jeri in 1975. Megan had purchased the stock in 1973 for $20,000. At the time of the gift, the stock was worth $60,000. If Megan paid $540 of gift tax on the transaction in 1975, what is Jeri's gain basis for the stock?

Reference no: EM131788952

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