Jamal received stock as a gift from his aunt earlier this year. His aunt paid ($1,500) for

Question:

Jamal received stock as a gift from his aunt earlier this year. His aunt paid \($1,500\) for the stock several years ago. The fair market value of the stock on the date of the gift was \($4,000.\) Jamal sold the stock in December for \($4,500.\) What is Jamal’s gain or loss on the sale?

a. $0

c. $2,500

b. $500

d. $3,000

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: