A taxpayer received a painting valued at $8,000 as a gift. The donor purchased the painting a
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A taxpayer received a painting valued at $8,000 as a gift. The donor purchased the painting a year earlier for $4,500 and paid no gift tax on the transfer. Nine months later, the taxpayer sold the painting for $9,000. What is the amount and classification of the capital gain? A. $1,000 short-term. B. $1,000 long-term. C. $4,500 short-term. D. $4,500 long-term
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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