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Eleven months ago, Lynnette Swann received 1,000 shares of stock from her uncle, Joseph Green. Joseph purchased the stock eight years ago for $12 per
Eleven months ago, Lynnette Swann received 1,000 shares of stock from her uncle, Joseph Green. Joseph purchased the stock eight years ago for $12 per share. The fair market value on the date of the gift to Lynnette was $9 per share, and she sold the stock today for $5 per share. A: $3,000 short-term capital loss B: $3,000 long-term capital loss C: $4,000 short-term capital loss D: $7,000 long-term capital loss
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