1- On November 1, 2020, Marcy sold 1,000 shares of Verizon stock for $100,000. Marcys mother gifted (inter vivos gift) Marcy the 1,000 shares on January 1, 2020. Marcys mother owned the shares for 2 years, and Marcys mothers adjusted basis in the shares at the time of the gift was $90,000. The shares were worth $105,000 on the date of the gift. Is Marcys holding period long term or short term?

a- Long-term holding period

b- Short-term holding period

2- On November 1, 2020, Marcy sold 1,000 shares of Sprint stock for $100,000. Is Marcys holding period long term or short term if Marcy purchased the 1,000 shares on January 1, 2020?

a- Short-term holding period

b- Long-term holding period

3- On November 1, 2020, Marc sold 1,000 shares of AT&T stock for $100,000.

Marc inherited the 1,000 shares from his mother on January 1, 2020 when his mother passed away. Marcs mother owned the shares for 1 month prior to her death, and Marcs mothers adjusted basis in the shares was $105,000. The shares were worth $90,000 on the date of death.

Is Marcs holding period long term or short term?

a- Short-term holding period

b- Long-term holding period

4- Bevs mother purchased JC Penney stock in 2010. In Jan. 2020, Bevs mother gifted the JC Penney stock to Bev (FMV on date of gift = $100,000; Mothers AB on date of gift = $150,000). Six months after she received the gift, Bev sold the JC Penney stock to an unrelated party for $155,000.

Bev will recognize:

a- long-term capital gain

b- short-term capital gain

c- long-term capital loss

d- short-term capital loss

5- Beths mother purchased JC Penney stock in 2010.

In Jan. 2020, Beths mother gifted the JC Penney stock to Beth (FMV on date of gift = $100,000; Mothers AB on date of gift = $150,000). Six months after she received the gift, Beth sold the JC Penney stock to an unrelated party for $95,000.

Beth will recognize:

a- a short-term capital loss

b- none of the above

c- a long-term capital gain

d- short-term capital gain

e- a long-term capital loss