Mrs.Beld sold marketable securities with a $79,600 tax basis to her daughter for $60,000 cash.Two years later,the daughter sold the securities through her broker for $93,000.Compute the daughter's gain recognized on sale.

Question

Quizplus · Accepted Answer

The daughter's gain is calculated as the selling price ($93,000) minus the purchase price ($79,600), resulting in a gain of $13,400.

MrsBeld Sold Marketable Securities with a $79,600 Tax Basis to Her