Olivia sells some stock she purchased several years ago for $9,000 to her brother Jack for $12,000.One year later Jack sells the stock for $15,000.The tax consequences to Olivia and Jack are:
Olivia Jack
A) $3,000 gain $3,000 gain
B) No gain or loss $6,000 gain
C) No gain or loss $3,000 gain
D) $3,000 gain $6,000 gain
E) No gain or loss No gain or loss
Correct Answer:
Verified
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