Answered

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Eli receives a gift of stock from Abdul. The stock cost Abdul $60,000 and had a value of $20,000 on the date of the gift. No gift tax was paid. Eli's basis in the stock is:
a) $20,000 for both gain and loss.
b) $0 for both gain and loss.
c) $20,000 for gain and $60,000 for loss.
d) $60,000 for gain and $20,000 for loss.
e) $60,000 for both gain and loss.

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