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What is his recognized gain or loss

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Question - Annie gives her son stock with a basis in her hands of $52,000 and a fair market value of $48,000. No gift tax is paid. Son subsequently sells the stock for $49,000. What is his recognized gain or loss?

a. $0.

b. ($3,000).

c. ($1,000).

d. $1,000.

e. None of the above.

Reference no: EM131767132

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