This year Carla received corporate stock worth $35,000 as a gift from her grandfather. Her grandfather originally had purchased the stock in 2012 at a cost of $20,000. No gift taxes were paid on the transfer. Three months after receiving the stock. Carla sold it for $32,000. What are the amount and character of gain or loss recognized by Carla on this transaction?
This year Carla received corporate stock worth $35,000 as a gift from her grandfather. Her grandfather originally had purchased the stock in 2012 at a cost of $20,000. No gift taxes were paid on the transfer. Three months after receiving the stock. Carla sold it for $32,000. What are the amount and character of gain or loss recognized by Carla on this transaction?
Chapter16: Property Transactions: Capital Gains And Losses
Section: Chapter Questions
Problem 36P
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