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Molly and Ed, a married couple, own stock in both ABC Corporation and XYZ Corporation. They have owned both these stocks for over five years. Today each investment is worth $20,000. They would like
to make a gift of one of the stocks to Molly’s niece, but they are not sure how to determine which stock giveaway would result in the best tax consequences for them. The niece needs $20,000 to
start a new business. The couple’s basis in the ABC stock is $34,000, while their basis in the XYZ stock is $2,000. Molly and Ed are in a marginal tax bracket of 31% and do not have any other
capital assets. Consider the possible courses of action available to the couple and the tax consequences of each.
write a letter to Molly and Ed that explains these actions and their tax consequences.