On March 4, 2016, Ellen bought stock at a cost of $19,000. On January 31, 2023, she gave the stock to her son, George. At the time of the gift, the fair market value of the stock was $26,000. On May 1, 2023, George sold the stock.

What is the amount of gain or loss if George sells the stock for $21,500?

What is the nature of the gain or loss if George sells the stock for $21,500? short-term capital or long-term capital

What is the amount of gain or loss if George sells the stock for $16,000?

What is the nature of the gain or loss if George sells the stock for $16,000? Short-term capital or Long-term capital