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What is the amount and character of recognized gain

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Reference no: EM132877300

Problem 1: Sadie sold 12 shares of stock to her brother, George, for $550 sixteen months ago. Sadie had purchased the stock for $700 two years earlier. If George sells the stock for $850 what is the amount and character of his recognized gain or loss in the current year?

Multiple Choice

a- $150 short-term capital gain.
b- $0.
c- $150 long-term capital gain.
d- None of the choices are correct.
e- $300 short-term capital gain.

Reference no: EM132877300

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