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6. Noelle received dining room furniture to use in her house as a gift from her friend, Jane. Janes adjusted basis was $9,200 and the
6. Noelle received dining room furniture to use in her house as a gift from her friend, Jane. Janes adjusted basis was $9,200 and the fair market value on the date of the gift was $7,000. Noelle decided she did not need the furniture and sold it to a neighbor six months later for $6,500. What is her recognized gain or loss? a. $0. b. ($500). c. ($2,700). d. $6,500. e. None of the above
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