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In May, Margarita was gifted 50 shares of stock with a FMV of $15 from her great aunt, who had originally purchased it for $5
In May, Margarita was gifted 50 shares of stock with a FMV of $15 from her great aunt, who had originally purchased it for $5 a share. Margarita then sold the stock in August when it had a FMV of $18. What is Margarita's recognized gain on the sale?
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$500 long-term capital gain
$650 short-term capital gain
$650 long-term capital gain
$500 short-term capital gain
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