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harvey sold TLC stock valued at 29000 ro his son Silas for $15000. Harveys bssis in the stock is $26000. which of the following is correct

April 15 of the year after the gift is made September 15 of the year after the gift is made Mark for follow up Question 62 of 65. A donor can obtain a filing extension for a gift tax return which allows: Automatic four-month extension Automatic six-month extension Six-month extension if there is reasonable cause. Four-month extension If there is reasonable cause. Mark for follow up 31 Question 63 of 65. Harvey sold TLC stock valued at $29,000 to his son, Silas, for $15,000. Harvey's basis in the stock is $26,000. Which of the following is correct Harvey reports a gift of $29,000 on Form 709 and a capital loss of $14.000 ($15,000-$29,000) on Form 1040. Silas's basis in the stockis 315,000 ($15,000 - $25,000 basis). If Siasses the No reporting is required because the transfer was between immediate family members. 9 Marvey is not required to report the $14,000 gift (520,000 - $15,000) and is not allowed to deduct the 311.000 stock. His basis for gain is $26,000. Aarvey reports a gift of $29,000. Silas's basis in the stock is $15,000. Mark for follow up LAST MIN ques Question 64 of 65. If a donor does not request an automatic filing extension for income tax purposes, the donor can obtain one for filing the gift tax return by filling: O Form 7004 Form 709. Form 8892 O Form 1310 Mark for follow up Summary Next >>

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