On November 14, 2018, Patricia Primrose purchased a rare gem stone as an investment. On March 5, 2020, she exchanged it for another rare gem in a nontaxable exchange. On June 9, 2020, she sold the latter stone for cash and realized a gain. This gain will be treated as

1. a short-term capital gain.
2. a long-term capital gain.
3. part short-term and part long-term capital gain.
4. part nontaxable and part short-term capital gain.
5. part nontaxable and part long-term capital gain.