Lisa sells some stock she purchased several years ago for $10,000 to her brother Bart for $8,000.One year later Bart sells the stock for $12,000.The tax consequences to Lisa and Bart are:
$\begin{array}{lll}
& {\text { Lisa }} & \text { Bart } \
\text { a. } & \$ 2,000 \text { loss } & \$ 4,000 \text { gain } \
\text { b. } & \text { No gain or loss } & \$ 4,000 \text { gain } \
\text { c. } & \text { No gain or loss } & \$ 2,000 \text { gain } \
\text { d. } & \$ 2,000 \text { gain } & \text { No gain or loss } \
\text { e. } & \$ 2,000 \text { loss } & \$ 2,000 \text { gain }
\end{array}$

Question

Lisa sells some stock she purchased several years ago for $10,000 to her brother Bart for $8,000.One year later Bart sells the stock for $12,000.The tax consequences to Lisa and Bart are:
$\begin{array}{lll} 
& {\text { Lisa }} & \text { Bart } \
\text { a. } & \$ 2,000 \text { loss } & \$ 4,000 \text { gain } \
\text { b. } & \text { No gain or loss } & \$ 4,000 \text { gain } \
\text { c. } & \text { No gain or loss } & \$ 2,000 \text { gain } \
\text { d. } & \$ 2,000 \text { gain } & \text { No gain or loss } \
\text { e. } & \$ 2,000 \text { loss } & \$ 2,000 \text { gain }
\end{array}$

Quizplus · Accepted Answer

The Answer of Lisa sells some stock she purchased several years ago for $10,000 to her brother Bart for $8,000.One year later Bart sells the stock for $12,000.The tax consequences to Lisa and Bart are:
$\begin{array}{lll} 
& {\text { Lisa }} & \text { Bart } \
\text { a. } & \$ 2,000 \text { loss } & \$ 4,000 \text { gain } \
\text { b. } & \text { No gain or loss } & \$ 4,000 \text { gain } \
\text { c. } & \text { No gain or loss } & \$ 2,000 \text { gain } \
\text { d. } & \$ 2,000 \text { gain } & \text { No gain or loss } \
\text { e. } & \$ 2,000 \text { loss } & \$ 2,000 \text { gain }
\end{array}$

Lisa Sells Some Stock She Purchased Several Years Ago for $10,000