Business, 21.04.2020 23:23 tommyaberman

Five years ago, Bailey purchased 200 shares Big Top, Inc. for $4,000. Bailey recently gifted those shares of stock to his son Barnum. He paid gift tax of $700. The value of the 200 shares of stock on the date of the gift was $2,000. Which of the following statements is correct? Question 15 options: If Barnum subsequently sells the shares of Big Top, Inc. for $4,750, the basis used to calculate his gain or loss will be $4,000. If Barnum subsequently sells the shares of Big Top, Inc. for $4,750, the basis used to calculate his gain or loss will be $4,350. If Barnum subsequently sells the shares of Big Top, Inc. for $1,600, the basis used to calculate his gain or loss will be $2,350. If Barnum subsequently sells the shares of Big Top, Inc. for $1,600, his basis will be $2,700 for any gain or loss.

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