Terry owns Lakeside, Inc. stock adjusted basis of $80,000), which she sells to her brother, Jake, for $64,000 its fair market value). Eighteen months later, Jake sells the stock to Pamela, a friend, for $78,000 its fair market value). What is Terry's recognized loss, Jake's recognized gain or loss, and Pamela's adjusted basis for the stock? Terry's Recognized Loss Jake's Recognized GainLoss) Pamela's Basis
A) $ -0- $ -0-
$78,000
B) $ -0- $14,000
$64,000
C) $ -0- $14,000
$78,000
D) $16,000 $14,000
$78,000
E) None of the above.

Question

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The Answer of Terry owns Lakeside, Inc. stock adjusted basis of $80,000), which she sells to her brother, Jake, for $64,000 its fair market value). Eighteen months later, Jake sells the stock to Pamela, a friend, for $78,000 its fair market value). What is Terry's recognized loss, Jake's recognized gain or loss, and Pamela's adjusted basis for the stock? Terry's Recognized Loss Jake's Recognized GainLoss) Pamela's Basis
A) $ -0- $ -0-
$78,000
B) $ -0- $14,000
$64,000
C) $ -0- $14,000
$78,000
D) $16,000 $14,000
$78,000
E) None of the above.

Terry Owns Lakeside, Inc