On July 25,2013,Karen Gives Stock with a FMV of $7,500

question 47

Multiple Choice

On July 25,2013,Karen gives stock with a FMV of $7,500 and a basis of $8,000 to her nephew Bill.Karen had purchased the stock on March 18,2013. Bill sold the stock on April 18,2014 for $6,000.As a result of the sale,what must Bill report on his 2014 tax return?

• A)($1,500)STCL
• B)($1,500)LTCL
• C)($2,000)STCL
• D)($2,000)LTCL

---

Definitions:

Industrial Production

The total output of a country's manufacturing, mining, and utility sectors.

Foreign Consumers

Individuals or entities residing in another country who purchase goods or services from the domestic market.

International Monetary Fund

A global financial institution that provides financial assistance and advice to member countries, aiming to foster global monetary cooperation and financial stability.

Exchange Rates

The value of one currency for the purpose of conversion to another, determining how much of one currency can be exchanged for another.