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What is the son basis in the stock received

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Reference no: EM132079249

Question - Calvin gave his son ABC stock valued at $101000 that he purchased for $50500; he gave his daughter EFG stock valued at $101000 that he purchased for $151500. Calvin paid $26000 in gift taxes on each of these gifts.

What is the son's basis in the stock received?

What is the daughter's basis in the stock received if:

If stock is sold above $151500

If stock is sold above $101000

Reference no: EM132079249

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