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Troy received a gift of 100 shares of stock from his grandmother on July 1 of the current year. Troy's grandmother had owned the stock for fifteen years and had a basis of $14 per share. On July 1, the date of the gift, the stock was selling for $39 per share. What is Troy's basis in the stock?

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sandlee09

Answer:

$14/stock

Explanation:

Based on the information gathered from this question, It can be said that Troy's basis in the stock is that of $14. This is because a stock's basis is the original value in which the stock itself was acquired. Therefore since the 100 stocks that were gifted to Troy were purchased at $14/stock then as long as he does not purchase more then the basis for those stocks remain steady at $14.

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