On june 1 20x12 heloise gave henrietta a gift of stock, Ask an Expert

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On June 1, 20X12, Heloise gave Henrietta a gift of stock worth $11,000. Heloise had purchased the stock on January 1, 20X12 for $13,000. Henrietta sold the stock to an unrelated party on January 1, 20X13 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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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92323923

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