Jerry gifts to Joanne stock in BL Company. The value of the stock on the...
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Jerry gifts to Joanne stock in BL Company. The value of the stock on the date of the gift was $14,000. Jerry had acquired the stock three years earlier for $6,000. On April 15 of the year following the purchase, Jerry paid gift tax of $4,800. Joanne sold the stock for $18,000 on July 1 of the year following the gift (exactly one year from the date of the gift). What is Joannes tax consequence?
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