On January 4, 2017, Courtney gave his son, Brian, stock valued at $10,000 that he had purchased three years earlier for $16,000. Later in the year, Brian sold the stock for $11,000. What is the amount and type of gain or loss that Brian will report on this sale?
A) $1,000 short-term capital loss
B) $1,000 short-term capital gain
C) $1,000 long-term capital gain
D) No gain or loss
Correct Answer:
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