Joe Juggler sold some common stock to his brother Tim for $12,000, the current market price. He paid $15,000 for the stock two years ago. fte stock market recovered rapidly and three months later Tim sold the stock to a business acquaintance for $16,000. How much gain or loss should Joe and Tim report?

Question

Quizplus · Accepted Answer

The Answer of Joe Juggler sold some common stock to his brother Tim for $12,000, the current market price. He paid $15,000 for the stock two years ago. fte stock market recovered rapidly and three months later Tim sold the stock to a business acquaintance for $16,000. How much gain or loss should Joe and Tim report?

Joe Juggler Sold Some Common Stock to His Brother Tim