Solved > 1) Steve gave stock with an adjusted basis:1760987 …

1) Steve gave stock with an adjusted basis of $7,000 and an FMV of $10,000 to Alice. No gift tax was paid. Later, Alice sold the stock for $12,000. The gain Alice will recognize on the sale is

A) $5,000.

B) $2,000.

C) $0.

D) none of the above

2) Virginia gave stock with an adjusted basis of $8,000 and an FMV of $10,000 to Carmen. No gift tax was paid on the transfer. Carmen then sold the stock for $9,000. The gain or loss Carmen will recognize on the sale is

A) $2,000 gain.

B) $1,000 gain.

C) $1,000 loss.

D) none of the above

3) Tracy gave stock with an adjusted basis of $18,000 and an FMV of $15,000 to her nephew Phil. No gift tax was paid. Phil sold the stock for $16,000. The gain or loss Phil will recognize on the sale is

A) $1,000 gain.

B) $0.

C) $1,500 loss.

D) none of the above

4) Miguel gives Roberta land with an adjusted basis of $50,000 and an FMV of $40,000. No gift tax is paid. Roberta sells the land for $36,000. Roberta recognizes

A) no loss.

B) a $4,000 loss.

C) a $14,000 loss.

D) none of the above

5) Ed gives Steve land with an adjusted basis of $40,000 and an FMV of $90,000. Ed paid no gift tax. Ed then inherits the same land back from Steve at Steve’s death eight months later. At Steve’s death, the land is worth $120,000. Ed’s basis in the land becomes

A) $120,000.

B) $90,000.

C) $40,000.

D) cannot be determined from the facts given

6) Identify which of the following statements is true.

A) If the gifted property’s FMV on the date of the gift exceeds its adjusted basis and the donor pays no gift tax, the donee’s basis is the same as the donor’s basis if the property is sold for a loss.

B) Prospective donors should not dispose of property that has declined in value by selling it rather than gifting it.

C) A $13,000 annual exclusion per donee is available for both gift tax and estate tax purposes.

D) All of the above are false.

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