Curt Owns the Following Assets Which He Gives to His

question 45

Multiple Choice

Curt owns the following assets which he gives to his daughter Carla. No gift tax results. Fair Market
Both items have been held by Curt as an investment for more than one year. If Carla immediately sells these assets for $1 million ($400,000 + $600,000) , she recognizes:

• A) No gain or loss.
• B) A $200,000 LTCG and no loss.
• C) A $200,000 STCG and $200,000 STCL.
• D) A $200,000 STCG and no loss.
• E) A $200,000 LTCG and $200,000 LTCL.

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