Cheryl Bought Some Stock for $110,000

question 37

Multiple Choice

Cheryl bought some stock for $110,000.Two years later, she gave the stock to her brother, Harold, when its value was $100,000.Three years later, Harold sold the stock for $105,000.What is the value of the gift to Harold, and his gain or loss on the sale, respectively?

• A)$100,000; 0 gain/loss
• B)$100,000; $5,000 gain
• C)$110,000; 0 gain/loss
• D)$110,000; $5,000 loss

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