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Davin receives 900 shares of Ace Corporation stock from his aunt on May 20,2022, as...

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Accounting

Davin receives 900 shares of Ace Corporation stock from his aunt on May 20,2022, as a gift when the stock has a $144,000 fair market value. his aunt purchased the stock in 2012 for$81,000. the taxable gift is $144,000 because she made earlier gifts to Davin during 2022 and ised the annual exclusion. she paid gift tax of $22,320 on the gift of Ace stock to Davin. Davin alsoinherited 500 shares of blooming onion corporation preferred stock when his incle died on November 12, 2021. when the stocks fair market value was $40,000. his uncle purchased the stock in 2000 for $25,000. determine the gain and loss on the sale of Ace and Blooming onion stock on December 15,2022, under each alternative situatiin below. A. Ace stock was sold for $146,000, and Blooming onion was sold for $42500. b) Ace stock was sold for $142700, and blooming onion stock was sold for $25,500. c) Assume the same as in part a except his uncle pirchased Ace stock for $162000 and his uncle purchased blooming onion stock for $64,000

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