On June 10, 2013, Wilhelm receives a gift of gold coins with a fair market value of $10,000. The gold coins had an adjusted basis of $12,000 to the donor. Wilhelm sells the gold coins August 1, 2014, for $8,000. What is the amount of the recognized gain or loss on the sale?
A) $ - 0 -
B) $2,000 loss
C) $3,000 loss
D) $4,000 loss
E) $5,000 loss
Correct Answer:
Verified
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