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Business, 19.02.2020 01:48 joejoefofana

In 2011, Edwin Ryan bought 100 shares of a listed stock for $5,000. In June 2014, when the stock’s fair market value was $7,000, Edwin gave this stock to his sister, Lynn. No gift tax was paid. Lynn died in October 2014, bequeathing this stock to Edwin, when the stock’s fair market value was $9,000. Lynn’s executor did not elect the alternate valuation. What is Edwin’s basis for this stock after he inherits it from Lynn’s estate?
a.$0
b.$5,000
c.$7,000
d.$9,000

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In 2011, Edwin Ryan bought 100 shares of a listed stock for $5,000. In June 2014, when the stock’s f...
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