On July 25, 2017, Marilyn Gives Stock with a FMV

question 927

Multiple Choice

On July 25, 2017, Marilyn gives stock with a FMV of $7,500 and a basis of $5,000 to her nephew Darryl. Marilyn had purchased the stock on March 18, 2017. Darryl sold the stock on April 18, 2018 for $7,800. As a result of the sale, what will Darryl report on his 2018 tax return?

• A) $300 STCG
• B) $2,800 LTCG
• C) $300 LTCG
• D) $2,800 STCG

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