Jackie purchased 50 shares of Walsh Co. stock three years ago for $1,000. Jackie recently gifted the stock to her brother, Charles. On the date of the gift, the stock had a fair market value of $750. Six months after receiving the stock from Jackie, Charles decides to sell the stock. Which of the following statements is correct? If Charles sells the stock for $675, he will have a short-term capital loss. If Charles sells the stock for $1,100, he will have a short-term capital gain. If Charles sells the stock for $800, he will have a long-term capital gain. f Charles sells the stock for $700, he will have a long-term capital loss