Elbert gives stock worth $28,000 (no gift tax resulted) to his friend, Jeff, on June 8, 2012.Elbert purchased the stock on September 1, 2005, and his adjusted basis is $22,000.Jeff dies on December 8, 2013, and bequeaths the stock to Elbert.At that date, the fair market value of the stock is $31,000.

Question

Elbert gives stock worth $28,000 (no gift tax resulted) to his friend, Jeff, on June 8, 2012.Elbert purchased the stock on September 1, 2005, and his adjusted basis is $22,000.Jeff dies on December 8, 2013, and bequeaths the stock to Elbert.At that date, the fair market value of the stock is $31,000.
Elbert gives stock worth $28,000 (no gift tax resulted) to his friend, Jeff, on June 8, 2012.Elbert purchased the stock on September 1, 2005, and his adjusted basis is $22,000.Jeff dies on December 8, 2013, and bequeaths the stock to Elbert.At that date, the fair market value of the stock is $31,000.

Quizplus · Accepted Answer

The Answer of Elbert gives stock worth $28,000 (no gift tax resulted) to his friend, Jeff, on June 8, 2012.Elbert purchased the stock on September 1, 2005, and his adjusted basis is $22,000.Jeff dies on December 8, 2013, and bequeaths the stock to Elbert.At that date, the fair market value of the stock is $31,000.

Elbert Gives Stock Worth $28,000 (No Gift Tax Resulted) to His