Ralph gives his daughter, Angela, stock (basis of $8,000; fair market value of $6,000).No gift tax results.If Angela subsequently sells the stock for $10,000, what is her recognized gain or loss?

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When Angela sells the stock, her basis will be the same as her father's basis of $8,000. Since she sold the stock for $10,000, she will have a recognized gain of $2,000.

Ralph Gives His Daughter, Angela, Stock (Basis of $8,000; Fair