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# Julie, single with AGI of \$78,000, sold 80 shares of stock

### Customer Question

Julie, single with AGI of \$78,000, sold 80 shares of stock for \$22,000 on 4/1/13. Determine the amount & character of her gain/loss in the following situations. A. She inherited stock from her father on 9/30/12 when its FMV was \$22,800. Her father had bought the stock in 1991 for \$1,500. On the date of his death (5/30/12) the stock's FMV was \$24,700. On 11/30/12, the stock's FMV was \$18,500. The executrix uses the alternative date of death for valuation. B. Same as A except executrix uses date of death for valuation. C. Same as A except she received the stock on 12/15/12. D. She received it as a gift from her mother on 2/10/12 when the FMV was \$24,000. Her mother bought the stock on 6/6/06 for \$27,000 and paid \$1,650 in gift tax upon the transfer. E. Same facts as D, except she repurchased the stock on 4/20/13 for \$23,000 and later sold it for \$24,400 on 11/20/13. F. Same facts as D, except FMV at 2/10/13 was \$21,000 and gift tax was \$1,475. G. She bought it for \$74,000 on 7/8/08. The stock qualifies as § 1244 stock. H. Same as G, except the stock became worthless on 4/1/13. I. She received it as a gift from her aunt on 1/5/13 when the FMV was \$18,000. Her aunt bought the stock on 2/3/04 for \$19,500 and paid \$1,000 in gift tax upon the transfer. J. Same as I, except her aunt had bought the stock for 16,000. K. If the assets sold were personally owned bottles of wine, instead of stock, how would this change your answer to J? L. Assume the asset sold was a patent obtained by Julie on her invention and the cost of development from June to December 2012 was \$6,000. M. Same as L, except the asset is a copyright on a book.

Submitted: 3 years ago.
Expert:  DanielleCPA replied 3 years ago.

Welcome and thanks for your question!

Customer: replied 3 years ago.

I need it by Thursday Evening

Expert:  DanielleCPA replied 3 years ago.
Ok, thank you. I am not the best expert to assist with all the points on this question, so I am going to opt out so someone else better suited may assist you. Have a wonderful evening!
Customer: replied 3 years ago.

Ok

Expert:  Josie-Mod replied 3 years ago.
Hi, I’m Josie a moderator for this topic. It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you right away, but sometimes finding the right professional can take a little longer than expected.

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Customer: replied 3 years ago.

I would like to continue waiting

Expert:  Josie-Mod replied 3 years ago.
Hello

Thank you, XXXXX XXXXX continue to look for a professional to assist you. Please let me know if I can be of any further assistance while you wait.

Best,
Josie~Moderator
Expert:  Angela--Mod replied 3 years ago.
We appreciate your patience, your business is very important to us, we are waiting on the professional with the right expertise to come online. Please let us know if you would like us to continue searching for a professional or if you would like us to close your question. Thank you for your understanding!

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Angela

Customer: replied 3 years ago.

Expert:  Angela--Mod replied 3 years ago.

Thank you for your patience while we continue to search for a professional to assist you.

Customer: replied 3 years ago.

Anyone out there able to help me with this?

Expert:  Josie-Mod replied 3 years ago.
Hello

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