On June 1, 2016, Heloise gave Henrietta a gift of stock worth $10,000. Heloise had purchased the
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On June 1, 2016, Heloise gave Henrietta a gift of stock worth $10,000. Heloise had purchased the stock on January 1, 2016 for $13,000. Henrietta sold the stock to an unrelated party on January 1, 2017 for $13,500. What is the amount and character of Henrietta’s gain or loss upon the sale?
a. $500 short-term capital gain
b. $3,500 short-term capital gain
c. $500 long-term capital gain
d. $3,500 long-term capital gain
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Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
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