Trina gave her nephew Roy 100 shares of HLM Corporation stock that she purchased 6 months ago

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‘Trina gave her nephew Roy 100 shares of HLM Corporation stock that she purchased 6 months ago for $10,000. At the time of the gift, the fair market value of the stock was

$12,000. Which of the following statements concerning the stock is correct?

a. If Trina sold the stock, she would have realized a long- term capital gain.

b. Roy’s basis in the stock is $10,000.

c. Roy’s basis in the stock is $12,000.

d. If Roy sells the stock immediately after the gift, he will realize a long-term capital gain.

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Fundamentals Of Financial Planning

ISBN: 9781936602094

3rd Edition

Authors: Michael A Dalton, Joseph Gillice

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Question Posted: Sep 19, 2024 02:19 PM

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Trina gave her nephew Roy 100 shares of HLM Corporation stock that she purchased 6 months ago

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Fundamentals Of Financial Planning

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