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14-24 Sale of property acquired by gift. J received 1,000 shares of Exxon stock as a...

14-24 Sale of property acquired by gift. J received 1,000 shares of Exxon stock as a gift from her grandmother in 2013, when the stock was worth $50,000. The stock had a basis to the grandmother of $10,000, and gift taxes of $16,000 were paid on the $40,000 taxable value of the gift. a. How much gain does J recognize when she sells the stock for $80,000 (net of commissions) during the current year? b. What would be your answer if the sale price were $35,000 (net of commissions)? c. What would be your answer if the sale price were $19,000 (net of commissions)?

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