American College Exam HS330 Topic 1 Question 85 Discussion

Actual exam question for American College's HS330 exam

Question #: 85
Topic #: 1

A father bought stock for $100,000 and gave it to his son when it was worth $300,000. The father paid no gift tax on the transfer. When the son sold the property 2 years after the gift, his income tax basis was

B$100,000

C$200,000

D$300,000

Show Suggested Answer

Suggested Answer: D

by Emilio at Apr 25, 2024, 09:12 PM

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Aliza

4 days ago

What do you think the son's income tax basis was?

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