Gifts

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Gifts

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When he graduated from high school, David's grandmother gave him 500 shares of JC Penney stock she purchased for $20 per share while working for the Company. FMV on date of gift was $25 per share. What is David's basis when he sells his 500 shares for $20,000? *

4 points

$7,500

$10,000

$12,500

$20,000

When she graduated from high school, Tammy's grandmother gave her 500 shares of JC Penney stock she purchased for $20 per share while working for the Company. FMV on date of gift was $18 per share. What is Tammy's basis when she sells her 500 shares for $8,000?

4 points

$9,000

$10,000

$12,500

$20,000

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When she graduated from high school, Lauren's grandmother gave her 500 shares of JC Penney stock she purchased for $20 per share while working for the Company. FMV on date of gift was $18 per share. What is Lauren's gain or loss when she sells her 500 shares for $9,500?

4 points

($500) loss

No gain or loss

$500 gain

$9,500 gain

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Taxpayer receives a gift for which the FMV is $250,000, and the donor's basis is $100,000. Gift tax of $25,000 is paid. What is taxpayer's basis? *

4 points

What is the current annual gift exclusion?

2 points

$13,000

$14,000

$15,000

unlimited

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TP receives as a gift from a friend non-depreciable real property. On the date of the gift, the property has a fair market value of $60,000 and an adjusted basis to the friend of $50,000. The friend paid no gift tax with respect to the transfer to TP. State the amount of gross income to TP with respect to the gift of the real property.

2 points

$10,000

$50,000

$60,000

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