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Business, 30.11.2019 03:31 lazymarshmallow7

Terry owns lakeside, inc. stock (adjusted basis of $80,000), which she sells to her brother, jake, for $64,000 (its fair market value). eighteen months later, jake sells the stock to pamela, a friend, for $78,000 (its fair market value). what is terry’s recognized loss, jake’s recognized gain or loss, and pamela’s adjusted basis for the stock?
terry's recognized loss jake's recognized gain (loss) pamela's basis
a. $ -0- $ -0- $78,000
b. $ -0- $14,000 $64,000
c. $ -0- $14,000 $78,000
d. $16,000 $14,000 $78,000
e. none of these.

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Terry owns lakeside, inc. stock (adjusted basis of $80,000), which she sells to her brother, jake, f...

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