simple math work.......................................

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Sue receives stock as a gift from his uncle. The adjusted basis of the stock is $10,000 and the fair market value is $17,000. The taxpayer trades the stock for bonds with a fair market value of $15,000 and $2,000 cash. What is the taxpayer's recognized gain and the basis for the bonds?

Jul 24th, 2015

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Jul 24th, 2015

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Jul 24th, 2015
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