Padraic Purchased 50 Shares of Stock as an Investment for the Purchase

question 66

Multiple Choice

Padraic purchased 50 shares of stock as an investment for the purchase price of $2,500 in 2014.In 2017 when the fair market value of the stock was $2,500,Padraic gave the stock to his sister,Fiona.If no gift tax is paid and Fiona sells the stock for $2,750 she will recognize:

• A)$250 gain.
• B)$300 gain.
• C)$500 gain.
• D)$800 gain.

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