Alton received a Form 1099-B that shows a net sales price of $3,750 on the sale of
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Alton received a Form 1099-B that shows a net sales price of $3,750 on the sale of 600 shares of FNP Company. The stock was bought on October 21, 2020 and sold on October 22,2021.The basis in the stock is $2,225 of which $30 is a commission fee. What is the amount and nature of Alton’s gain?
a. $1,525 short-term gain.
b. $1,525 long-term gain.
c. $1,555 short-term gain.
d. $1,555 long-term gain.
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Related Book For
Fundamentals Of Taxation 2022
ISBN: 9781264209408
15th
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander
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