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On January 15 of the Current Taxable Year, Merle Sold

Question 62

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On January 15 of the current taxable year, Merle sold stock with a cost of $40,000 to his brother Ned for $25,000, its fair market value.On June 21, Ned sold the stock to a friend for $26,000.
On January 15 of the current taxable year, Merle sold stock with a cost of $40,000 to his brother Ned for $25,000, its fair market value.On June 21, Ned sold the stock to a friend for $26,000.

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