Multiple Choice
On July 25,2015,Marilyn gives stock with a FMV of $7,500 and a basis of $5,000 to her nephew Darryl.Marilyn had purchased the stock on March 18,2015.Darryl sold the stock on April 18,2016 for $7,800.As a result of the sale,what will Darryl report on his 2016 tax return?
A) $300 STCG
B) $300 LTCG
C) $2,800 STCG
D) $2,800 LTCG
Correct Answer:
Verified
Correct Answer:
Verified
Q28: On January 31 of this year,Jennifer pays
Q44: Losses are generally deductible if incurred in
Q53: If Houston Printing Co.purchases a new printing
Q62: Section 1221 specifically states that inventory or
Q74: A taxpayer owns 200 shares of stock
Q130: Net long-term capital gains receive preferential tax
Q134: Rachel holds 110 shares of Argon Mutual
Q136: Terra Corp.purchased a new enterprise software system
Q142: In 2014 Toni purchased 100 shares of
Q751: What type of property should be transferred