Problem 4-1 What is a Capital Asset?, Holding Period, and Calculation of Gain or Loss (LO 4.1, 4.2, 4.3)

Martin sells a stock investment for $26,000 on August 2, 2019. Martin's adjusted basis in the stock is $15,000.

a. If Martin acquired the stock on November 15, 2018, calculate the amount and the nature of the gain or loss. $.........................? Short-term capital gain

b. If Martin had acquired the stock on September 10, 2017, calculate the amount and nature of the gain or loss. $........................? Long-term capital gain