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5-38 Sale of Assets Received as a Gift and Inherited. Daniel receives 400 shares of A&M Corporation stock from his aunt on May 20, 2009 as a gift when the stock has a $60,000 FMV. His aunt purchased the stock in 2002 for $42,000. The taxable gift is $60,000 because she made earlier gifts to Daniel during 2009 and used the annual exclusion. She paid a gift tax of $9,300 on the gift of A&M stock to Daniel. Daniel also inherited 300 shares of Longhorn Corporation preferred stock when his uncle died on November 12, 2009, when the stock FMV was $30,000. His uncle purchased the stock in 1990 for $27,600. Determine the gain or loss on the sale of A&M and Longhorn stock December 15, 2009 under each alternative situation below. A.


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