Julie received stock as a gift from Olivia in June 2021. Olivia had paid $6,000 for the

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Julie received stock as a gift from Olivia in June 2021. Olivia had paid $6,000 for the stock three years ago, and had held it as an investment. At the time of the gift, the stock had a FMV of $8,000. In August 2021, Julie, who also held the stock as an investment, sold the stock for $9,000. What is the amount and character of gain recognized by Julie as a result of the sale?

1,000 LTCG
3,000 STCG
3,000 LTCG
1,000 STCG

Posted Date: May 18, 2024 01:09 PM

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Julie received stock as a gift from Olivia in June 2021. Olivia had paid $6,000 for the

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