Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. brandon received 400 shares of ellsbridge corporat

Brandon received 400 shares of Ellsbridge Corporation stock from his uncle as a gift on...

80.2K

Verified Solution

Question

Accounting

imageimage

Brandon received 400 shares of Ellsbridge Corporation stock from his uncle as a gift on July 20,2022, when the stock had a $96,000 fair market value (FMV). His uncle paid $72,000 for the stock on April 12, 2006. The taxable gift was $96,000, because his uncle made another gift to Brandon for $25,000 in January and used the annual exclusion. The uncle paid a gift tax of $14,400. Without considering the transactions below, Brandon's AGI is $50,000 in 2023 . No other transactions involving capital assets occur during the year. Analyze each transaction below, independent of the others, and determine Brandon's AGI in each case. (Do not round intermediary calculations. Only round the amounts you input in the input fields to the nearest dollar. Use a minus sign or parentheses to enter a loss.) a. He sells the stock on October 12,2023 , for $99,500. b. He sells the stock on October 12, 2023, for $74,600. c. He sells the stock on December 16,2023 , for $92,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students