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Mike purchased some stock for $10,000. Mike gave the stock to Kyle when the stock was worth $15,000. Kyle later sold the stock for $18,000.
Mike purchased some stock for $10,000.
- Mike gave the stock to Kyle when the stock was worth $15,000. Kyle later sold the stock for $18,000. What is Kyles gain or loss on the sale? What is the character of the gain or loss (Character is short for characteristic, i.e., ordinary, capital, 1231, 1245, 1250, etc.)?
- Kyle inherited the stock from Mike when the stock was worth $15,000. Kyle later sold the stock for $18,000. What is Kyles gain or loss on the sale? What is the character of the gain or loss
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