What is the amount and character of the gain

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Reference no: EM133655480

Question: A taxpayer gifted stock held for two years to the taxpayer's adult child. the taxpayer's basis was 120000 and the fair market value of the stock at the time of the gist was 125000 six months later, the taxpayer's child sold the stock for 110000 what is the amount and character of the gain if any to be reported on the child's tax return

Reference no: EM133655480

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