The Taxpayers Live At 4400 Massachusetts Ave In Washington D 20016 William Is 53

*When Joyce graduated from college, her father gave her the Pfizer stock that he had acquired many years ago for $5,000. At the date of the gift, the fair market value of the stock was $3,000. No gift tax was paid.

23. On May 18, Joyce purchases a computer for $2,000 which is used exclusively in her business. 

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24. On June 12, Joyce sells her old computer for $400. She had acquired the computer in 2010 for $3,000 deducting the property under Section 179. The computer was used exclusively in her business.