Geena paid $10,000 for stock in a start-up company. A few months after she bought it, she sold the stock to her brother Henry for $8,000, its current value. Later, he sold the stock to an unrelated party for $15,000. What gain or loss should Geena and Henry recognize on their tax returns in the year of sale?

Answer rating: 100% (QA)

In this scenario Geena will recognize a capital loss and Henry will recognize a capital gain on th... View the full answer