hard · Certified Financial Planner Professional Conduct
Brennan receives a gift of stock from a donor. On the date of the gift, the donor's adjusted basis was 15,000 and the Fair Market Value (FMV) was 12,000. Brennan later sells the stock for 13,500.
What is the tax consequence for Brennan?
- A long-term capital loss of 3,000.
- A long-term capital loss of 1,500.
- A long-term capital gain of 1,500.
- No gain or loss is recognized.
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