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On September 1, 2019, Melinda gave 100 shares of Microsoft stock to her granchild, Ben....

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Accounting

On September 1, 2019, Melinda gave 100 shares of Microsoft stock to her granchild, Ben. Microsoft was trading at $80 per share on the date of the gift. Melinda purchased the stock on August 1, 2018 for $100 per share. Ben sells all the Microsoft stock on October 15, 2019 for $75 per share.

Use the info above to answer questions A-F.

A. Melinda's recognized gain or loss on date of gift

B. Ben's recognized gain or loss on date of gift

C. Ben's recognized gain or loss on the date of sale (Oct. 15)

D. Melinda's taxable gift

E. Character of Ben's gain or loss

F. Ben's basis in 100 shares of stock

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