Practice

Basis of assets

Question 1 of 12

Dana Whitfield: 2026 property records

Dana Whitfield, a calendar-year individual, gives you these notes for her 2026 return.

Item	Facts
1. Stock received as a gift	Her aunt gave her the shares on February 10, 2026. The aunt bought them in 2019 for $18,000; their fair market value on the date of the gift was $12,000. No gift tax was paid. Dana sold the shares on November 16, 2026 for $14,500.
2. Inherited land	Her father died on March 3, 2026, leaving her investment land. His adjusted basis was $40,000 and the land was worth $95,000 at his death. The executor did not elect alternate valuation. Dana sold the land on August 21, 2026 for $101,000.
3. Pell Corp. shares	On April 6, 2026 she bought 200 shares for $9,000. On October 20, 2026 she sold all 200 for $6,600. On November 5, 2026 she bought 150 shares of Pell Corp. for $5,100.
4. Former home	On July 1, 2026 she began renting out her former residence. Her adjusted basis then was $260,000, of which $50,000 was for the land. Its fair market value was $230,000, of which $60,000 was for the land.

Using the Whitfield facts, what gain or loss does Dana recognize on the sale of the gifted shares? Enter a loss as a negative number and enter 0 if there is no gain or loss. Enter the amount in whole dollars, without the dollar sign.

Your answer (a number, a decimal or a fraction such as 3/4)