Craig bought stock for $10,000 and gifted it to Homer when the stock was valued at...
Craig bought stock for $10,000 and gifted it to Homer when the stock was valued at $5,000. Homer sold the stock 2 years later for $8,000. Homer’s taxable gain on the sale of stock is?
- ($2,000) (capital loss)
- $0
- $3,000
- $8,000
Homework Answers
A. ($2,000) Capital loss, a stock holding period more than one comes under capital gain bracket and orginal cost of the stock will be considered while sale.
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