6. Patricia received a gift of Alphatech Stock from her grandmother (cost $2,500) when it was...
6. Patricia received a gift of Alphatech Stock from her grandmother (cost $2,500) when it was worth $2,000. Patricia sold the stock for $350. How much is Patricia's gain or loss recognized?
A.$1,650 loss
B.$2,150 loss
C. $350 gain
D.$1,650 gain
Homework Answers
As the sale price of the stock is less than the fair market value at the date of gift, basis is the fair market value at the date of gift.
Loss = $2,000 - $350
= $1,650
The answer is A.
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