Troy received a gift of 100 shares of stock from his grandmother on July 1...
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Accounting
Troy received a gift of 100 shares of stock from his grandmother on July 1 of the current year. Troy's grandmother had owned the stock for fifteen years and had a basis of $14 per share. On July 1, the date of the gift, the stock was selling for $39 per share. What is Troy's basis in the stock?
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