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Carol received a gift of stock from her favorite uncle. The stock had a fair market value of $30,000 and a basis to the uncle of $10,000 at the date of the gift. How much is taxable to Carol from this
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Carol received a gift of stock from her favorite uncle. The stock had a fair market value of $30,000 and a basis to the uncle of $10,000 at the date of the gift. How much is taxable to Carol from this gift

User Daric
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21 votes
21 votes

Answer: $0

Step-by-step explanation:

According to the internal revenue code, it should be noted that under 102(a), in the gross income, the cake if a property that's being acquired by gift isn't included.

Therefore, in this scenario, Carol received a gift of stock from her favorite uncle. The stock had a fair market value of $30,000 and a basis to the uncle of $10,000 at the date of the gift, then Carol isn't liable to pay any tax on the gift.

User JayDepp
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