Lauras father albert gave laura a gift of 500 shares of, Ask an Expert

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Laura's father, Albert, gave Laura a gift of 500 shares of Green Corporation common stock in the current year. Albert's basis for the Green stock was $10,000. At the date of this gift, the fair market value of the Green stock was $7,000. No gift tax was paid with respect to the transfer. If Laura sold the 500 shares of Green stock in the current year for $9,000, What is gain or loss on the Stock? please show work

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Financial Accounting, Accounting

Category:- Financial Accounting
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