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Elbert Gives Stock Worth $28,000 (No Gift Tax Resulted)to His

Question 57

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Elbert gives stock worth $28,000 (no gift tax resulted)to his friend,Jeff,on June 8,2010.Elbert purchased the stock on September 1,2003,and his adjusted basis is $22,000.Jeff dies on December 8,2011,and bequeaths the stock to Elbert.At that date,the fair market value of the stock is $31,000.
Elbert gives stock worth $28,000 (no gift tax resulted)to his friend,Jeff,on June 8,2010.Elbert purchased the stock on September 1,2003,and his adjusted basis is $22,000.Jeff dies on December 8,2011,and bequeaths the stock to Elbert.At that date,the fair market value of the stock is $31,000.

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