QUESTION 37

1. A long-term capital gain is the gain from the sale of a capital asset held six months or longer.

   True

   False

QUESTION 38

1. On March 1, 2019, Sharon Durham received 100 shares of stock worth $1,500 as a gift from her father. He had purchased the stock in 1998 for $1,000. Sharon sold the stock on June 1, 2019 for $2,200. She should report:

   	a.	$700 short-term gain
   	b.	$ 700 long-term gain
   	c.	$1,200 short-term gain
   	d.	$1,200 long-term gain