GIFTED PROPERTY: DOUBLE BASIS RULE EXAMPLE (1 OF 2)
01.Core Concepts
Sully purchased 100 shares of Hyde, Inc. five years ago for $5,000. He just gave those shares to his son, Randall, when the value of the 100 shares was $1,000. Gain Basis No Gain / No Loss Corridor Loss Basis $5,000 Sully’s Adjusted Basis $1,000 FMV at Date of Gift