Business, 20.11.2020 01:40, joriwilliams3018

On July 25, 2019, Marilyn gives stock with a FMV of $7,500 and a basis of $5,000 to her nephew Darryl. Marilyn had purchased the stock on March 18, 2019. Darryl sold the stock on April 18, 2020 for $7,800. As a result of the sale, what will Darryl report on his 2020 tax return?

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On July 25, 2019, Marilyn gives stock with a FMV of $7,500 and a basis of $5,000 to her nephew Darry...