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Sheena Maskell Sheena Maskell
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7 years ago
Sheila sells stock, which has a basis of $12,000, to her daughter for $7,000, the stock's fair market value. Subsequently, the daughter sells the stock to an unrelated party for $5,000. Which of the following is true for the Sheila and the Daughter?
A) Sheila   Daughter
recognizes no loss   recognizes loss of $2,000
B) Sheila   Daughter
recognizes no loss   recognizes loss of $5,000
C) Sheila   Daughter
recognizes loss of $3,000   recognizes loss of $5,000
D) Sheila   Daughter
recognizes loss of $3,000   recognizes loss of $2,000
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
Authors:
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Yoko900Yoko900
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Sheena M. Author
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#2
7 years ago
I took a chance with your answer

It was right
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