On January 1, 2022, Antonio sells stock that has a $62,000 FMV on the date of the sale (basis $94,850) to his daughter Tiana. On October 21, 2022, Tiana sells the stock to an unrelated party. In each of the following, determine the tax consequences of these transactions to Antonio and Tiana: Required: a. Tiana sells the stock for $48,500. b. Tiana sells the stock for $100,100. c. Tiana sells the stock for $79,150. Note: For all requirements, if no gain or loss is recognized, select "No gain or loss". a. Realized a Recognized b. Realized b. Recognized c. Realized c. Recognized Amount Antonio Gain or Loss Amount Tiana Gain or Loss No gain or loss Gain Loss No gain or loss
On January 1, 2022, Antonio sells stock that has a $62,000 FMV on the date of the sale (basis $94,850) to his daughter Tiana. On October 21, 2022, Tiana sells the stock to an unrelated party. In each of the following, determine the tax consequences of these transactions to Antonio and Tiana: Required: a. Tiana sells the stock for $48,500. b. Tiana sells the stock for $100,100. c. Tiana sells the stock for $79,150. Note: For all requirements, if no gain or loss is recognized, select "No gain or loss". a. Realized a Recognized b. Realized b. Recognized c. Realized c. Recognized Amount Antonio Gain or Loss Amount Tiana Gain or Loss No gain or loss Gain Loss No gain or loss
Chapter9: Acquisitions Of Property
Section: Chapter Questions
Problem 70P
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Transcribed Image Text:On January 1, 2022, Antonio sells stock that has a $62,000 FMV on the date of the sale (basis $94,850) to his daughter Tiana. On
October 21, 2022, Tiana sells the stock to an unrelated party. In each of the following, determine the tax consequences of these
transactions to Antonio and Tiana:
Required:
a. Tiana sells the stock for $48,500.
b. Tiana sells the stock for $100,100.
c. Tiana sells the stock for $79,150.
Note: For all requirements, if no gain or loss is recognized, select "No gain or loss".
a. Realized
a. Recognized
b. Realized
b. Recognized
c. Realized
c. Recognized
Amount
Antonio
Gain or Loss
Amount
Tiana
Gain or Loss
No gain or loss
Gain
Loss
No gain or loss
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