Solution-Does Dennis have short-term or long-term gain or

Does Dennis have short-term or long-term gain or loss

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Question - Alice Almond purchased Smith Corporation stock on February 23, 2018, and on November 15, 2018, she gave the stock to her son Dennis. She paid $10,000 for the stock and the value at the time of the gift was $12,000. On April 19, 2019, Dennis sold the stock for $13,000.

Required-

a. Does Dennis have short-term or long-term gain or loss and how much?

b. If the value of the stock at the time of the gift was $9,500, and Dennis sold it on April 19, 2019, for $8,000, does he have short-term or long-term gain or loss and how much?

Reference no: EM132529352

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Does Dennis have short-term or long-term gain or loss

Reference no: EM132529352

Reference no: EM132529352

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