Bill received 400 shares of Cranston Corporation stock from his uncle as a gift on July 20, 2018, when the stock had a $110,000 FMV. His uncle paid $40,000 for the stock on April 12, 2002. The taxable...

Bill received 400 shares of Cranston Corporation stock from his uncle as a gift on July 20, 2018, when the stock had a $110,000 FMV. His uncle paid $40,000 for the stock on April 12, 2002. The taxable gift was $110,000, because his uncle made another gift to Bill for $34,000 in January and used the annual exclusion. The uncle paid a gift tax of $5,500. Without considering the transactions below, Bill's AGI is $75,000 in 2019. No other transactions involving capital assets occur during the year. Read the requirement AGI prior to sale of stock + Gain (loss) on sale of stock = AGI a. b. Get more help AU Clear all Check answer D