Six years ago,Milo Lenz,an amateur artist,sculpted a garden gnome as a gift for his mother.This year,his mother sold the gnome on eBay for $1,200.What is the amount and character of the mother's gain?
A) No gain recognized on the sale of a personal asset.
B) $1,200 ordinary gain.
C) $1,200 long-term capital gain.
D) None of the above.
Correct Answer:
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