Geraldo gifted each of his children stock with a basis to him of $50 per share. He had held the stock for 5 years. At the time of the gift, the fair market value of the stock was $30 per share. Which of the following statements is true? O If a child sells the stock for $35 two years after the gift, he will have a long-term gain of $5 per share O If a child sells the stock for $55 six months after the gift, he will have a short-term gain of $5 per share O If a child sells the stock for $25 two months after the gift, he will have a short term loss of $5 per share O If a child sells the stock for $40 three years after the gift, he will have a $10 long-term loss 5 pts < Previous Next >