Jordan purchased 50 shares of Walsh Co. stock three years ago for $1,000. Jordan recently gifted the stock to her brother, Colin. On the date of the gift, the stock had a fair market value of $750. Six months after receiving the stock from Jordan, Colin decides to sell the stock. Which of the following statements is correct?

		If Colin sells the stock for $700, he will have a long-term capital loss.
		If Colin sells the stock for $1,100, he will have a short-term capital gain.
		If Colin sells the stock for $675, he will have a short-term capital loss.
		If Colin sells the stock for $800, he will have a long-term capital gain Income Tax Question