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On October 1, 1975, Hilda purchased stock from Dynamic, Inc. for $3,500. On February 20, 2012, Hilda gifted the stock to her oldest daughter, Maude.
On October 1, 1975, Hilda purchased stock from Dynamic, Inc. for $3,500. On February 20, 2012, Hilda gifted the stock to her oldest daughter, Maude. At the time of the gift, the fair market value of the stock was $27,000 and no gift tax was paid on the transfer. On December 3, 2012, Maude sold the stock for $33,000. What was Maude's gain or (loss) on the sale of the stock? |
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