Greg received a gift of 300 shares of stock from his sister,Terri.The stock cost Terri $30,000 five years ago.At the date of the gift,the stock is worth $22,500.
a.If the stock is sold for $34,000,calculate the amount and nature of the gain or loss.
b.If the stock is sold for $20,000,calculate the amount and nature of the gain or loss.
c.If the stock is sold for $28,000,calculate the amount and nature of the gain or loss.

Question

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The Answer of Greg received a gift of 300 shares of stock from his sister,Terri.The stock cost Terri $30,000 five years ago.At the date of the gift,the stock is worth $22,500.
a.If the stock is sold for $34,000,calculate the amount and nature of the gain or loss.
b.If the stock is sold for $20,000,calculate the amount and nature of the gain or loss.
c.If the stock is sold for $28,000,calculate the amount and nature of the gain or loss.

Greg Received a Gift of 300 Shares of Stock from His