Jayne purchased General Motors stock 6 years ago for $20,000. In 2016, she sells the stock for $35,000. What is Jayne’s gain or loss?

a. $15,000 short-term gain

b. $15,000 long-term gain

c. $15,000 ordinary loss

d. $15,000 extraordinary gain

e. No gain or loss is recognized on this transaction

Answer rating: 100% (QA)

Capital Gain If the selling price of the capital asset is higher than the purcha... View the full answer