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Brantley received 300 shares of Cranston Corporation stock from his uncle as a gift on...

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Accounting

Brantley received 300 shares of Cranston Corporation stock from his uncle as a gift on July 20,2022, when the stock had a $72,000 fair market value (FMV). His uncle paid $54,000 for the stock on April 12,2006. The taxable gift was $72,000, because his uncle made another gift to Brantley for $34,000 in January and used the annual exclusion. The uncle paid a gift tax of $10,800. Without considering the transactions below, Brantley's AGI is $80,000 in 2023. No other transactions involving capital assets occur during the year.
Read the requirement.
\table[[,\table[[AGI prior to],[sale of stock]],+,\table[[Gain (loss) on],[sale of stock]],=,AGI],[a. He sells the stock on October 12,2023, for $76,000.,,+,,=,],[b. He sells the stock on October 12,2023, for $54,300.,,+,,=,],[c. He sells the stock on December 16,2023, for $68,000.,,+,,=,]]
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