Multiple Choice
On July 25,2018,Karen gives stock with a FMV of $7,500 and a basis of $8,000 to her nephew Bill.Karen had purchased the stock on March 18,2018.Bill sold the stock on April 18,2019 for $6,000.As a result of the sale,what must Bill report on his 2019 tax return?
A) ($1,500) STCL
B) ($1,500) LTCL
C) ($2,000) STCL
D) ($2,000) LTCL
Correct Answer:
Verified
Correct Answer:
Verified
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